EEI Financial Conference November 5-8, 2017 Lake Buena Vista, Florida. Delivering today for a brighter tomorrow

EEI Financial Conference November 5-8, 2017 Lake Buena Vista, Florida Delivering today for a brighter tomorrow

Cautionary Statements and Factors That May Affect Future Results Any statements made in this presentation 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 to this presentation and in the Company s SEC filings. P PPL Corporation 2017 EEI Financial Conference 2

PPL Investment Proposition Pure-play regulated business with seven highperforming utilities Diverse assets in constructive regulatory jurisdictions Solid financial position with strong investment-grade credit ratings Competitive earnings and dividend growth from 2017 through 2020 (1) EPS CAGR 5-6% Rate Base CAGR 5.6% Dividend increase about 4% annually (2) Annual Total Return 9-10% (3) (1) Projections based on the midpoint of the original 2017 ongoing earnings guidance range of $2.05 - $2.25 per share. (2) Subject to approval by the Board of Directors. (3) Annual total return is the combination of projected annual EPS growth and dividend yield. P PPL Corporation 2017 EEI Financial Conference 3

PPL Overview A diverse family of pure-play regulated utilities with scale Pennsylvania Kentucky United Kingdom Aggregate PPL Business: Electric Dist. Electric Trans. Regulated Gen. Gas Dist. Rate Base Customers % of EPS (1) (3) $6.1B 1.4M 23% $8.9B 1.0M Electric; 0.3M Gas 25% $8.5B 7.8M 57% (2) 100% Rate Regulated $23.5B Rate Base 10.5M Customers (1) Actual as of 12/31/2016. Represents Regulatory Asset Value (RAV) for the U.K. and utility capitalization for Kentucky. (2) U.K. Rate Base translated at $1.30/. (3) % of EPS based on $2.18 midpoint of revised 2017 earnings forecast. Corporate and Other, not shown, accounts for -5% of 2017 EPS forecast. P PPL Corporation 2017 EEI Financial Conference 4

Commitment to Creating Shareholder Value Evolution of PPL 2008 2009 2010 2011 2012 2013 2014 2015 and beyond 2010 (1) 2012 (2) 2013 (3) PPL Corporation (4) Market Cap ($bn) $12.8 $16.4 $18.8 $25.4 Enterprise Value ($bn) $17.2 $35.1 $37.8 $45.5 Business Profile (5) % Utility % Competitive Energy 73% 27% 28% 72% 16% 84% 100% Regulatory Asset Base (6) ($bn) Carbon Footprint (U.S. Tons) $12.2 $18.8 $21.3 2017 = $24.9 + (5.5% CAGR from 2017 2021) 63.9m 62.5m 64.2m 33.4m Source: FactSet, Company Filings. (1) As of December 31, 2010. (2) As of December 31, 2012. (3) As of December 31, 2013. (4) As of October 31, 2017. (5) Proportion of earnings from ongoing operations. (6) Regulatory Asset Value (RAV) for WPD. Represents utility capitalization for LKE. P PPL Corporation 2017 EEI Financial Conference 5

Developing and Maintaining Sustainable Energy Infrastructure Delivering extraordinary value to our customers and shareholders Operate high-performing utilities in premium jurisdictions Provide industry-leading customer service and reliability Invest responsibly in the future, while effectively managing costs Earn ROEs near authorized levels and recover investments in a timely manner Maintain strong financial metrics Deliver best-in-class returns for our shareholders P PPL Corporation 2017 EEI Financial Conference 6

Seven High-Performing Utilities in Premium Regulatory Jurisdictions Pennsylvania Kentucky United Kingdom PPL Electric Utilities FERC Formula Transmission Rates 11.68% allowed ROE DSIC Mechanism Smart Meter Rider ~$500M project 2017-2019 Storm Cost Recovery Forward Test Year for Distribution rate cases Louisville Gas & Electric (LG&E) and Kentucky Utilities (KU) Most recent rates effective July 1, 2017 at 9.7% ROE Environmental Cost Recovery (ECR) Mechanism (1) (2) Forward Test Year for base rate cases Fuel Adjustment Clause WPD East and West Midlands, South West and South Wales Base revenues set for 8 years; (3) through March 2023 Real-time recovery of CAPEX Incentive revenues available for strong performance and innovation Accelerated depreciation (4) recovery (1) DSIC Distribution System Improvement Charge: an automatic adjustment charge that enables companies to recover certain infrastructure improvement costs between base rate cases. (2) Kentucky ECR provides near real-time recovery for approved environmental projects on the coal fleet. (3) RIIO-ED1 Price Control extends through 3/31/2023. (4) RAV balance as of 3/31/2015 recovered over 20 years. RAV additions over RIIO-ED1 recovered over an average of 35 years. P PPL Corporation 2017 EEI Financial Conference 7

Track Record of Delivering Results for Shareholders and Customers Operational Excellence Long history of achieving fair outcomes in all jurisdictions Including successful transition of multiple price controls in the U.K. WPD was the only electric distribution company to be fast-tracked in RIIO-ED1 WPD top performers in Quality of Service and Customer Satisfaction metrics PA & KY utilities have earned over 45 J.D. Power Awards combined Prudent Capital Deployment Substantial improvements in network reliability and environmental stewardship Delivered significant projects such as the Susquehanna-Roseland Transmission Project in PA, Smart Grid deployment in PA & the U.K. and construction of first combined-cycle gas plant and utility-scale solar project in Kentucky Financial Stability Increased dividend 15 out of the last 16 years Consistently achieve/exceed annual earnings projections Strategic Execution Low premium utility acquisitions in 2010 and 2011 Successful spinoff of competitive supply business in 2015 P PPL Corporation 2017 EEI Financial Conference 8

Low-Risk Investment Plan Designed to Advance Our Electricity Infrastructure Investing ~$3 billion annually to develop more resilient electricity networks Expanding, reinforcing and modernizing the grid Strengthening physical and cyber security Adding smart grid technology and automation Connecting more renewable energy Expanding solar offerings to customers Piloting new technologies Improving environmental footprint of Kentucky coal fleet $16 billion of investments over 5-year period $3.40 $3.38 $3.23 $0.43 $0.39 $3.08 $0.39 $0.35 $2.79 $0.77 $0.74 $0.35 $0.68 $0.70 $0.40 $0.75 $0.80 $0.93 $0.75 $0.73 $0.33 $0.44 $0.21 $0.22 $0.24 $1.12 $1.01 $1.02 $1.06 $1.07 2017E 2018E 2019E 2020E 2021E (1) (2) U.K. KY ECR KY base PA Transmission PA Distribution (1) Based on assumed exchange rate of $1.30/ for all years. (2) Expect between 80% and 90% to receive timely returns via ECR mechanism based on historical experience and future projections. P PPL Corporation 2017 EEI Financial Conference 9

Prudent Investments, Timely Recovery Drive Growth Opportunity Significant investment opportunities and constructive regulatory recovery mechanisms support 5-6% annual EPS growth target through 2020 Strong Regulated Rate Base Growth Timely Real-time CAPEX Recovery Support 5-6% EPS CAGR ($ in billions) 5.6% CAGR $29.3 ~80% CAPEX recovery within one year $2.56 $24.9 $2.9 $3.3 $9.3 $4.2 $3.6 $10.6 $9.4 $10.9 + 9% 21% 70% 5-6% EPS Growth $2.15 $2.49 2017E Rate Base U.K. (1) (2) (2) 2020E Rate Base KY 0-6 Months 7-12 Months > 1 Year 2017E 2020E (3) (4) PA Distribution PA Transmission (1) Based on assumed exchange rate of $1.30/ for all years. (2) Represents Regulatory Asset Value (RAV) for U.K. Represents utility capitalization for KY. (3) Based on the midpoint of the original 2017 ongoing earnings guidance range of $2.05 - $2.25 per share. (4) Does not represent earnings forecast or guidance for 2020. P PPL Corporation 2017 EEI Financial Conference 10

Managing Foreign Currency Risk Currency hedging strategy positions PPL to achieve 5-6% EPS growth target PPL s FX Hedge Status as of 10/18/17 (1) Substantially hedged 99% 100% 1.60 through 2019 at rates above 1.50 the $1.30/ budgeted rate 15% 1.40 1.33 Year 2018 2019 2020 Hedged Rate (GBP/USD) 1.32 1.39 1.47 Note: GBP forecast range and median sourced from Bloomberg as of 09/30/2017. Forecast range reflects views from up to 16 financial institutions and does not represent PPL s internal forecast. Not all institutions provide forecasts for all periods. (1) Budgeted FX rate on open positions of $1.30/ for all years. P PPL Corporation 2017 EEI Financial Conference 11 Forward FX Rates vs. Hedged Rates ($/ ) FX Forecast Range Forecast Median Current Hedge Rate Budget FX Rate Based on current exchange rates the EPS growth rate would be at the high end of our 5-6% growth range Additional value available to mitigate risk beyond 2020 Even if the market rate for the GBP would hit parity with the USD, we have the ability to achieve the low end of our EPS growth rate through 2020 due to the value of our hedges above the budgeted rate of $1.30/ 1.30 1.20 1.10 1.32 1.45 1.39 2018 2019 2020 1.50 1.47

4.4% 4.2% 4.0% 3.8% 3.7% 3.3% 3.2% 3.2% 2.9% 2.8% 2.7% 2.5% PPL Offers an Established, Growing Dividend at an Above-Average Yield The dividend is a key component to PPL s investment proposition PPL Dividend Yield vs. Large Cap Utilities Dividend yield is well above average comparable (1) 5-Year Dividend History & Future Outlook Targeting ~4% annual growth through 2020 Large Cap Utility Average ($ per share) $1.47 $1.49 $1.51 $1.52 $1.58 ~+4% Comp 1 PPL Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Comp 7 Comp 8 Comp 9 Comp Comp 10 11 2013 2014 2015 2016 2017 2020E (2) PPL has a long standing history of paying dividends to shareholders October 2 nd dividend represents the 287 th consecutive dividend paid (1) Dividend yield calculated based on share prices and annualized dividends as of 10/31/2017. (2) Annualized dividend based on 02/01/2017 announced increase. Actual dividends to be determined by Board of Directors. P PPL Corporation 2017 EEI Financial Conference 12

PPL Investment Summary A proven, large-cap regulated utility targeting 9-10% total annual returns (1) Pure-play regulated business operating in premium jurisdictions Competitive projected earnings growth of 5-6% through 2020 Top-quartile dividend yield among large-cap utilities Targeting ~4% annual dividend growth through 2020 Investing responsibly in our networks and improving efficiency Proven track record of delivering commitments to shareowners and customers (2) (1) Total annual return is the combination of annual EPS growth and dividend yield. (2) EPS growth rate based on the midpoint of the original 2017 ongoing earnings guidance range of $2.05 - $2.25 per share. P PPL Corporation 2017 EEI Financial Conference 13

P PPL Corporation 2017 EEI Financial Conference 14 Appendix

PPL Fact Sheet CORPORATE DATA Ticker symbol and stock exchange At October 31, 2017 Average daily trading volume (3 mos.) PPL-NYSE Closing price $37.56 2.91 million shares 52-week price range $32.46 $40.20 Annualized dividend per share Enterprise value Market cap At September 30, 2017 2016 earnings from ongoing operations per share (Non-GAAP) (1) Total assets Common shares O/S $1.58 ($0.395/qtr) ~$45.5 billion ~$25.4 billion $2.45 per share $40.8 billion Book value per share (2) $15.54 Capitalization: 688.133 million ($ millions) Total debt $20,769 67% Common equity $10,129 33% Total Capitalization $30,898 100% Employees ~12,700 Long-term debt Short-term debt $19,558 million $ 1,211 million Letters of Credit $ 221 million ANALYST CONTACT: Joe Bergstein Vice President-Investor Relations & Treasurer 610-774-5609 Andy Ludwig Director-Investor Relations 610-774-3389 Lisa Pammer Investor Relations Manager 610-774-3316 invrel@pplweb.com WEB SITE: www.pplweb.com (1) See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (2) Based on 688.133 million shares of common stock outstanding. P PPL Corporation 2017 EEI Financial Conference 15

Delivering today for a brighter tomorrow PPL CORPORATION SUSTAINABILITY OVERVIEW Learn more about PPL s sustainability efforts Visit www.pplsustainability.com P PPL Corporation 2017 EEI Financial Conference 16

Sustainability Strategy and Commitments The following sustainability commitments provide a framework for PPL to grow and innovate in a responsible, reliable way that benefits customers, shareowners, employees and society as a whole. P PPL Corporation 2017 EEI Financial Conference 17

PPL s Environmental Stewardship Significantly reduced coal intensity and carbon emissions via the strategic spin-off of our competitive generation and coal retirements in Kentucky (MW) PPL s Power Generation Capacity (1) PPL s CO 2 Emissions from 2010-2016 (Millions of U.S. Tons) 12,000 10,000 8,000 Coal - 46% Gas/Oil - 55% 70.0 60.0 50.0 63.9 65.6 62.5 64.2 56.2 6,000 4,000 0 MW Nuclear 40.0 30.0 20.0 ~50% Reduction 35.1 33.4 2,000 10.0 - Coal Natural Gas/Oil Hydro Nuclear - 2010 2011 2012 2013 2014 2015 2016 2010 2012 2014 2016 (1) Megawatt (MW) capacity represents PPL s ownership interest P PPL Corporation 2017 EEI Financial Conference 18

Advancing a Cleaner Energy Future PPL s Kentucky operations have made important investments that have significantly reduced emissions and water consumption Power Generation vs. Total Tons Emitted ~70% reduction in emissions from 2010 to 2016 (1) Meaningful Water Conservation in Kentucky Consumed 61% less water in 2016 than 2012 (1) (GWh) 40,000 35,000 30,000 25,000 20,000 ~70% Reduction 2010 2011 2012 2013 2014 2015 2016 (Tons) 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Generation (GWh) Emissions (Tons) Note: Emissions include sum of Particulates, SO 2, NO X and Mercury (1) Excludes PPL Energy Supply, LLC for periods prior to its June 2015 spin-off. P PPL Corporation 2017 EEI Financial Conference 19

2017 Ongoing Earnings Forecast $2.25 $2.25 $2.05 $2.10 Increased the 2017E midpoint to $2.18 from $2.15 by raising the lower end of the forecast range Original 2017E Forecast Range Revised 2017E Forecast Range Segment 2016A Earnings from Ongoing Operations Q2 Revised 2017E Earnings from Ongoing Operations (Midpoint) Q3 Revised 2017E Earnings from Ongoing Operations (Midpoint) U.K. Regulated (1) $1.49 $1.20 $1.24 Kentucky Regulated 0.58 0.56 0.55 Pennsylvania Regulated 0.50 0.50 0.50 Corporate and Other (0.12) (0.11) (0.11) Total $2.45 $2.15 $2.18 Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Represents an average exchange rate of $1.45/ for 2016 earnings per share and $1.20/ for the original and revised 2017 forecasts. P PPL Corporation 2017 EEI Financial Conference 20

Assumptions to Achieve 5-6% EPS Growth 2017 Through 2020 (1) Key Corporate-level Assumptions: Annual dividend growth target of approximately 4% through 2020 Equity issuances of approximately $350 million annually Domestic Growth Assumptions: Net income growth of 5-7% Domestic rate base CAGR of 5.9% PA transmission CAPEX of $2.1 billion at 11.68% base ROE; Project Compass not in plan KY investment of $3.3 billion at 9.7% ROE U.K. Growth Assumptions: Net income growth of 8-10% $1.30/ foreign currency rate assumed for all unhedged positions Expected rate base (RAV) CAGR of 5.1% Average expected segment ROEs of 13-15% (1) (1) (1) (1) (3) Incentive revenue assumptions: $85M (2017); $100M (2018); $90-$110M (2019); $95-$115M (2020) RPI (inflation rate): 3.0% (2017); 3.2% (2018); 3.0% (2019 and 2020) Annual repatriation between $100 $200M Effective tax rate of approximately 11% (2017); Approximately 17% thereafter (2) (1) Growth rates off of midpoint of original 2017 ongoing earnings forecast of $2.15 per share. (2) Subject to approval by the Board of Directors. (3) Based on 2017-2020 U.K. Regulated Segment earnings projections. Capital structure adjusted to include debt of $750 million that is allocated to U.K. Regulated Segment for reporting purposes. P PPL Corporation 2017 EEI Financial Conference 21

Projected Rate Base Growth ($ in billions) ~5.5% CAGR Breakdown $24.9 $3.3 $2.9 $9.3 $26.5 $3.4 $3.3 $9.9 ~5.5% CAGR $27.8 $3.5 $3.7 $10.2 $29.3 $3.6 $4.2 $10.6 $30.9 $3.8 $4.6 $10.9 3.6% 12.2% $9.4 $9.9 $10.4 $10.9 $11.6 4.1% 5.4% 2017E 2018E 2019E 2020E 2021E (1) (2) (2) U.K. KY PA Transmission PA Distribution 2017E-2021E Rate Base CAGR (1) Based on assumed exchange rate of $1.30/ for all years. (2) Represents Regulatory Asset Value (RAV) for U.K. Represents utility capitalization for KY. P PPL Corporation 2017 EEI Financial Conference 22

Constructive U.S. Regulatory Framework Tracker/Mechanism EU LG&E KU Equity Ratio (1) Allowed ROE Forward test year methodology Environmental Cost Recovery DSIC PPL Electric Utilities 54.50% D: N/A T: 11.68% (2) LG&E 53.27% 9.70% Smart Meter Rider CWIP included in rate base (3)(4) Gas Line Tracker Pass through of Purchased Power Fuel and Gas Supply Adj. Clause Storm Recovery (5) Energy Efficiency/DSM Kentucky Utilities 53.28% 9.70% Transmission Formula Rate Transmission Incentive Adder (2) (1) As filed in most recent completed filings and rate cases. (2) Allowed ROE of 12.93% for Susquehanna-Roseland project. (3) CWIP included in forward test year rate base for LG&E and KU. (4) For PPL EU Transmission, return on CWIP for approved projects. (5) LG&E and KU have historically been able to recover costs from extraordinary storms, but no formal tracker is in place. P PPL Corporation 2017 EEI Financial Conference 23

Pennsylvania Regulated Overview Pennsylvania Distribution Projected 3.6% CAGR in distribution rate base through 2021 Constructive jurisdiction reduces regulatory lag; supportive of longer rate case cycles ~$500 million Smart Meter replacement project (<6 months lag on qualifying investments) ~50% of distribution gross margin subject to minimal or no volumetric risk Pennsylvania Transmission Projected 12.2% CAGR in transmission rate base through 2021 Base ROE of 11.68% FERC Formula Rate based on historical test year Regulatory mechanism to minimize volumetric risk P PPL Corporation 2017 EEI Financial Conference 24

Pennsylvania Transmission Strategy Provide reliable, resilient, safe and cost-effective service to customers $390 $254 $125 Four Key Focus Areas Compliance with NERC and PJM Criteria Security Improvements Increase System Reliability Sustainability and Survivability Total of $3.3 Billion in Infrastructure Investment ($ in millions) $494 $439 $443 $281 $179 $165 $157 $44 $62 $71 $104 $75 2017E 2018E 2019E 2020E 2021E Regional Electric System Enhancements (138kV, 115kV, & 69kV) System Total 2005 2010 2015 2020E Total System Line Mileage 5,007 5,019 5,171 5,179 Rebuilt/New Line Mileage N/A 36 279 1,467 Average System Age (yrs) 45 49 51 40 Line Miles >75 Years 856 (17%) 927 (19%) 902 (17%) 254 (5%) Line Miles >50 Years 1,694 (34%) 1,861 (37%) 1,936 (37%) 969 (19%) Line Miles >25 Years 4,344 (87%) 4,534 (90%) 4,486 (87%) 3,227 (62%) Wood/Total Structures 57% 55% 47% 29% Steel/Total Structures 43% 45% 53% 71% Transmission Reliability 5 Year Historical Average 2016 Actual IEEE SAIFI - Transmission 0.084 0.067 IEEE MAIFI - Transmission 0.853 0.449 New / Existing Substation Enhancements (All Voltages) Bulk Electric System Enhancements (230kV & 500kV) P PPL Corporation 2017 EEI Financial Conference 25

Pennsylvania Transmission: Project Compass (1) Proposed First Segment 95-mile initial segment from Lackawanna, PA to Ramapo, NY Interconnection request filed with NYISO in October 2015 Estimated cost of $500 - $600 million Estimated in-service date in 2023 Benefits as proposed include: Increased access to renewables Substantial annual savings for NY customers Economic development benefits Grid reliability Future Project Plan Approximately 475-mile transmission lines in PA and extending to NY Estimated cost of $3 $4 billion (1) Project subject to regulatory approvals and change until final development. P PPL Corporation 2017 EEI Financial Conference 26

Pennsylvania Distribution: Smart Grid Delivering Real Benefits PPL Smart Grid Overview PPL among U.S. leaders in distribution automation Technology capable of sensing and responding to outages Installed on 100% of PPL Electric circuits Prevented 100,000 outages in 2016, alone Distribution Automation Example Tree falls on line, cutting power to 561 customers 13:23:40 Breaker trips 13:23:56 Recloser locks out 13:23:58 System locates fault 13:24:18 FISR starts to solve 13:25:43 Solution found 13:25:50 First switch opened 13:26:00 Second switch closed 543 customers restored in 2 minutes, 20 seconds P PPL Corporation 2017 EEI Financial Conference 27

Kentucky Regulated Overview Kentucky Regulatory Summary Constructive jurisdiction provides a timely return on planned CAPEX Revenue increase of $116 million with a 9.7% ROE, with new rates effective July 1, 2017 Projected 4.1% CAGR in rate base through 2021 Environmental Cost Recovery (ECR): $1.4 billion estimated spend with a 9.7% ROE on projects approved virtually no regulatory lag Other supportive recovery mechanisms Return mechanisms include CWIP for ECR and Gas Line Tracker Pass through clauses include Purchased Power, Fuel and Gas Supply Adjustment and Energy Efficiency/Demand Side Management recovery CAPEX plans exclude spending that may be required under the Clean Power Plan Low-Carbon & Distributed Generation Solar Universal Solar 10 MW facility at E.W. Brown Industrial / Large Commercial Solar Community Solar LKE owns and operates Electric Vehicle Charging Station Program Three programs offered LKE owns and operates in all cases Green Energy Program Voluntary program for customers to purchase REC s P PPL Corporation 2017 EEI Financial Conference 28

Kentucky Regulated: Multi-Year Focus on Closing Ash Ponds Making prudent investments to reduce our impact on the environment Investing nearly $1.4 billion to comply with EPA rules Cap and close ash ponds Build process water treatment facilities Complete additional phase of dry-ash landfill project Expected completion: 2023 Waste/water treatment Trimble County Generating Station P PPL Corporation 2017 EEI Financial Conference 29

U.K. Regulated Overview U.K. Regulatory Summary Base revenues set for 8 years: Commencing April 2015 through March 2023 Offers real-time returns and provides certainty and visibility Regulation requires funding to support investment-grade credit ratings No equity needed from PPL to fund U.K. operations, annually repatriates $100 - $200 million in a tax-efficient manner Expected earned U.K. Regulated (1) Segment ROE s in the 13% -- 15% range from 2017 through 2020, including holding company leverage Note: Based on assumed exchange rate of $1.30/ for all years. (1) Based on 2017-2020 U.K. Regulated Segment earnings projections. Capital structure adjusted to include debt of $750 million that is allocated to U.K. Regulated Segment for reporting purposes. (2) RAV balance as of 3/31/15 recovered over 20 years. RAV additions over RIIO-ED1 recovered over an average of 35 years. (3) 2007/08 2016/17 regulatory years. P PPL Corporation 2017 EEI Financial Conference 30 Premium Regulatory Mechanisms Annual financial adjustments to base revenues covering inflation, tax, pension and cost of debt Accelerated recovery of depreciation Fast-track incentive adds $35 million annually in revenue WPD companies able to retain 70% of cost efficiencies throughout RIIO-ED1 period due to fast-track status Significant incentive revenues available for strong performance and innovation WPD has been consistent top-tier performer and has earned about $725 million in performance awards over the past decade (2) (3)

U.K. Regulated: Innovation Electric Vehicle (EV) Project WPD conducting largest EV trial undertaken in the U.K. Targeting 700 EVs; currently 500 participants First phase began in 2016 WPD provides customers with chargers WPD can control time and speed of charging Goal is to help WPD reliably manage future EV load Enables proactive planning by monitoring the usage of various battery sizes and charging speeds P PPL Corporation 2017 EEI Financial Conference 31

U.K. Regulated: RPI Update and Sensitivity Current RPI forecasts above our planning assumptions RPI affects 3 primary financial drivers for WPD: Revenue, O&M and Interest Expense Revenue: In November 2017, tariffs will be set for the 2019/20 regulatory year using forecasted RPI for that period. Differences between actual and forecasted RPI are trued-up in future regulatory year tariffs. Each November, one additional year of tariffs will be set. O&M: RPI primarily impacts adjustments to wages, including contract labor with a compounding effect realized in future periods Interest Expense: Approximately 15% of total U.K. debt is RPI index-linked debt (~$1B). The lower the RPI, the lower the interest expense and vice versa. RPI Update and Sensitivity RPI (Regulatory Year) 2017/18 2018/19 2019/20 Budget RPI assumption 3.4% 3.1% 3.0% Current RPI forecast (1) 3.8% 3.2% 3.0% RPI (Calendar Year) 2017 2018 2019 Budget RPI assumption 3.0% 3.2% 3.0% Current RPI forecast (1) 3.2% 3.4% 3.1% Increase in 2017/2018 RPI (2) (1) Represents October 2017 forecast. Source: U.K. HM Treasury RPI forecast: https://www.gov.uk/government/collections/data-forecasts (2) Sensitivities include the net effect on revenue, O&M and interest expense on index-linked debt. P PPL Corporation 2017 EEI Financial Conference 32 EPS Sensitivity 0.5% $0.00 $0.00 $0.01

U.K. Regulated: Incentive Revenues Annual performance above or below the Ofgem targets for Customer Minutes Lost (CML), Customer Interruptions (CI), the Broad Measure of Customer Satisfaction Survey and Time to Connect is rewarded or penalized on a 2-year lag On a calendar year basis, WPD projects incentive revenues as follows at $1.30/ : 2018 2019 2020 Current Estimate $100M $90M - $110M $95M - $115M The following slides provide WPD s current and projected performance for the 2017/2018 regulatory year for quality of service and customer satisfaction incentive mechanisms P PPL Corporation 2017 EEI Financial Conference 33

U.K. Regulated Incentive Revenue: Quality of Service 2017/2018 Year-to-date Performance 80 70 60 50 40 30 20 10 0 Customer Minutes Lost (CML) 43.5 80 70 60 50 40 30 20 10 0 Customer Interruptions (CI) 63.9 CML and Ofgem target are based on a weighted average of all four DNOs. A measurement of the cumulative amount of minutes customers are without electricity. CI and Ofgem target are based on a weighted average of all four DNOs. A measurement of the cumulative amount of interruptions in a customer's electricity supply, per 100 customers. (2012/13 prices) West Midlands East Midlands South Wales South West Total Max reward/penalty +/- 17.7M +/- 17.1M +/- 8.2M +/- 12.2M +/- 55.2M While there are separate CML and CI performance targets, performance is combined when determining the total earned reward. WPD projects 2017/2018 incentive revenue of approximately 43M (in 2012/2013 prices). (1) Ofgem targets adjusted for YTD planned outages. Performance below the Ofgem target results in a reward. Performance above the Ofgem target results in a penalty. P PPL Corporation 2017 EEI Financial Conference 34

U.K. Regulated Incentive Revenue: Customer Satisfaction 9.5 Broad Measure Customer Satisfaction Survey Through August 2017 Max Reward 8.5 Breakeven 7.5 6.5 Max Penalty Interruptions Connections General Inquiries West Midlands East Midlands South Wales South West Average other DNOs (2012/13 prices) West Midlands East Midlands South Wales South West Total Max reward/penalty +/- 4.0M +/- 4.0M +/- 1.9M +/- 2.8M +/- 12.7M The Broad Measure of Customer Satisfaction Survey rewards or penalizes DNOs for the levels of customer satisfaction Through August 2017, WPD s performance is near or at the max reward levels. WPD projects 2017/2018 incentive revenue of approximately 11M (in 2012/2013 prices) P PPL Corporation 2017 EEI Financial Conference 35

U.K. Regulated: Expected Ofgem RIIO Timelines RIIO-ED1 Indicative Timetable 2016 2017 2018 ED1 running RIIO-ED1 Mid-period review (MPR) Sept 2017 DPCR5 Close-out Substantially Concluded Nov 2017 RIIO-ED1 MPR Needs Consultation May 2018 RIIO-ED1 MPR Decision (Go/No Go) Aug 2018 RIIO-ED1 MPR Consultation Nov/Dec 2018 RIIO-ED1 MPR Concludes RIIO-ED2 Indicative Timetable RIIO-ED2 Preparation and Implementation 2017 2018 2019 2020 2021 2022 2023 Consultation Policy development Fast-track assessment Slow-track assessment Q3 2017 RIIO-2 Open Letter Consultation Q1 2018 RIIO-2 Strategy Consultation (Draft) Mid 2020 RIIO-ED2 Strategy Consultation Early 2021 RIIO-ED2 Strategy Decision Nov 2021 RIIO-ED2 Fast Track Decision (Draft) Feb 2022 RIIO-ED Fast Track Decision (Final) July 2022 RIIO-ED2 Slow Track Decision (Draft) Apr 2023 RIIO-ED2 Starts Q2 2018 RIIO-2 Strategy Consultation (Final) July 2021 RIIO-ED2 Business Plan Submission Nov 2022 RIIO-ED2 Slow Track Decision (Final) P PPL Corporation 2017 EEI Financial Conference 36

U.K. Regulated: Strategy for Transitioning to a Distribution System Operator (DSO) 1 2 3 4 OPTIMIZE INVESTMENT IN HIGHER VOLTAGE NETWORKS CONTRACT WITH CUSTOMERS FOR NON-NETWORK SOLUTIONS CO-ORDINATE AT TRANSMISSION / DISTRIBUTION INTERFACE PROTECT THE INTEGRITY & SAFETY OF LOWER VOLTAGE NETWORKS Smarter high voltage networks which maximize the usage of existing assets and can be flexibly upgraded to enable connection of distributed energy resources to meet the U.K. low carbon targets Using customer provided solutions (e.g. storage and distributed generation) to increase our network capacity where this is more economical than reinforcement Co-ordinating with the Transmission System Operator to enhance system security and efficiency Safe and robust low voltage networks which meet the current and future needs of end-use P PPL Corporation 2017 EEI Financial Conference 37

Funding Growth Strong U.S. operating cash flows plus U.K. dividend sufficient to fund PPL dividend. U.S. debt and equity issuances fund domestic utility growth. U.K. business completely self-funding. ($ in millions) 2016A 2017E Domestic Cash from Operations $1,761 $1,765 Domestic Maintenance Capex (1) (693) (817) Monetization of foreign currency hedges, pre-tax 310 - Dividend From U.K. Regulated 354 125 Cash Available for Distribution $1,732 $1,073 Common Dividend (1,030) (1,071) Cash Available for Reinvestment $702 $2 Domestic Growth Capex ($1,233) ($1,456) Debt Maturities ($470) $0 Debt Issuances and Change in Cash (2) 907 1,158 Equity Issuances 120 330 Other Investing and Financing Activities (26) (34) Additional Funding Sources for Domestic Growth Capex $531 $1,454 Note: Information provided on slide to be updated on an annual basis. See Appendix for the reconciliation of Domestic Cash Flows. (1) Represents book depreciation. (2) Includes domestic issuances (short and long term), net of issue costs. P PPL Corporation 2017 EEI Financial Conference 38

PPL s Credit Ratings Credit Rating PPL Corporation S&P Moody s PPL Capital Funding Credit Rating S&P Moody s Secured Unsecured Long-term Issuer Outlook NR NR A- Stable NR NR Baa2 Stable Secured Unsecured Long-term Issuer Outlook NR BBB+ A- Stable NR Baa2 NR Stable WPD Holding Company Credit Rating S&P Moody s LKE Holding Company Credit Rating S&P Moody s Secured Unsecured Long-term Issuer Outlook NR BBB+ A- Stable NR Baa3 Baa3 Stable Secured Unsecured Long-term Issuer Outlook NR BBB+ A- Stable NR Baa1 Baa1 Stable WPD Operating Companies Credit Rating S&P Moody s LKE Operating Companies Credit Rating S&P Moody s PPL Electric Utilities Credit Rating S&P Moody s Secured Unsecured Long-term Issuer Outlook NR A- A- Stable NR Baa1 Baa1 Stable Secured Unsecured Long-term Issuer Outlook A NR A- Stable A1 NR A3 Stable Secured Unsecured Long-term Issuer Outlook A NR A- Stable A1 NR A3 Stable Note: As of September 30, 2017. P PPL Corporation 2017 EEI Financial Conference 39

Strong Financial Foundation Manageable maturity schedule and strong liquidity profile provide financial flexibility Debt Maturity Distribution 2017-2021 Liquidity Profile ($ in millions) ($ in millions) $1,268 $1,150 $588 $100 $348 $330 2017 2018 2019 2020 2021 $3,223 U.S. $217 $88 $1,671 $651 U.K. PPL Capital Funding PPL Electric Utilities Kentucky WPD Group Committed Credit Facilities Cash Drawn Note: As of September 30, 2017. P PPL Corporation 2017 EEI Financial Conference 40

Reconciliation of PPL s Forecast of Reported Earnings to Earnings From Ongoing Operations After-Tax (Unaudited) Forecast (per share - diluted) 2017 Midpoint U.K. KY PA Corp. & High Low Total Reg. Reg. Reg. Other 2017 2017 Reported Earnings $ 1.06 $ 0.55 $ 0.50 $ (0.10) $ 2.01 $ 2.08 $ 1.93 Less: Special Items (expense) benefit: Foreign currency economic hedges (0.18) (0.18) (0.18) (0.18) Spinoff of the Supply segment 0.01 0.01 0.01 0.01 Total Special Items (0.18) 0.01 (0.17) (0.17) (0.17) Earnings from Ongoing Operations $ 1.24 $ 0.55 $ 0.50 $ (0.11) $ 2.18 $ 2.25 $ 2.10 P PPL Corporation 2017 EEI Financial Conference 41

Reconciliation of Segment Reported Earnings to Earnings From Ongoing Operations: 2017 After-Tax (Unaudited) (millions of dollars) 3rd Quarter Year-to-Date September 30, 2017 September 30, 2017 U.K. KY PA Corp. & U.K. KY PA Corp. & Total Reg. Reg. Reg. Other Reg. Reg. Reg. Other Total Reported Earnings $ 126 $ 125 $ 95 $ 9 $ 355 $ 560 $ 299 $ 251 $ (60) $ 1,050 Less: Special Items (expense) benefit: Foreign currency economic hedges, net of tax of $20, $66 (37) (37) (122) (122) Spinoff of the Supply segment, net of tax of ($2), ($2) 4 4 4 4 Adjustment to investment, net of tax of $0 (1) (1) Total Special Items (37) 4 (33) (122) (1) 4 (119) Earnings from Ongoing Operations $ 163 $ 125 $ 95 $ 5 $ 388 $ 682 $ 300 $ 251 $ (64) $ 1,169 After-Tax (Unaudited) (per share - diluted) 3rd Quarter September 30, 2017 Year-to-Date September 30, 2017 U.K. KY PA Corp. & U.K. KY PA Corp. & Total Reg. Reg. Reg. Other Reg. Reg. Reg. Other Total Reported Earnings $ 0.18 $ 0.18 $ 0.13 $ 0.02 $ 0.51 $ 0.81 $ 0.44 $ 0.37 $ (0.09) $ 1.53 Less: Special Items (expense) benefit: Foreign currency economic hedges (0.06) (0.06) (0.18) (0.18) Spinoff of the Supply segment 0.01 0.01 0.01 0.01 Total Special Items (0.06) 0.01 (0.05) (0.18) 0.01 (0.17) Earnings from Ongoing Operations $ 0.24 $ 0.18 $ 0.13 $ 0.01 $ 0.56 $ 0.99 $ 0.44 $ 0.37 $ (0.10) $ 1.70 P PPL Corporation 2017 EEI Financial Conference 42

Reconciliation of Segment Reported Earnings to Earnings From Ongoing Operations: 2016 After-Tax (Unaudited) Year-to-Date December 31, 2016 (millions of dollars) (per share - diluted) U.K. KY PA Corp. & U.K. KY PA Corp. & Total Reg. Reg. Reg. Other Reg. Reg. Reg. Other Total Reported Earnings $ 1,246 $ 398 $ 338 $ (80) $ 1,902 $ 1.83 $ 0.58 $ 0.50 $ (0.12) $ 2.79 Less: Special Items (expense) benefit: Foreign currency economic hedges, net of tax of $4 (8) (8) (0.01) (0.01) Spinoff of the Supply segment, net of tax of $2 (3) (3) Other: Settlement of foreign currency contracts, net of tax of ($108) 202 202 0.30 0.30 Change in U.K. tax rate 37 37 0.05 0.05 Total Special Items 231 (3) 228 0.34 0.34 Earnings from Ongoing Operations $ 1,015 $ 398 $ 338 $ (77) $ 1,674 $ 1.49 $ 0.58 $ 0.50 $ (0.12) $ 2.45 P PPL Corporation 2017 EEI Financial Conference 43

Reconciliation of Domestic Cash Flows Year Ended December 2016 (millions of dollars) Presentation of Funding Growth Reclassifications Adjustments PPL Global, LLC PPL Consolidated Statement of Cash Flows non-gaap Domestic Monetization FX Dividend From Common Other Domestic Statement of GAAP Description Amount Maint. Capex Hedges (1) U.K. Regulated Dividend Investing Change in Cash Cash Flows Amount Description Domestic Cash from Operations 1,761 Domestic Maintenance Capex (693) Monetization of FX hedges, pre-tax 310 Dividend From U.K. Regulated 354 Cash Available for Distribution 1,732 Common Dividend (1,030) Cash Available for Reinvestment 702 693 (202) (354) 1,030 1,021 2,890 Domestic Growth Capex (1,233) (693) 24 (1,016) (2,918) Net cash provided by operating activities - continuing operations Net cash used in investing activities - continuing operations Debt Maturities (470) Debt Issuances and Change in Cash 907 Equity Issuances 120 Other Investing & Financing Activities (26) Additional Funding Sources for Net cash used in financing activities - 531 202 354 (1,030) (24) (51) (421) (439) Domestic Growth Capex continuing operations (28) Effect of exchange rates on cash and (28) cash equivalents (51) (444) Net decrease in cash and cash (495) equivalents Note: For 2017, due to the generalized and forward-looking nature of this information, the Company has not reconciled the presented non-gaap financial measures to the most directly comparable GAAP financial measures. (1) Includes domestic tax of $108 million associated with the monetization of foreign currency hedges. P PPL Corporation 2017 EEI Financial Conference 44

Forward-Looking Information Statement Statements contained in this presentation, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: market demand for energy in our service territories, weather conditions affecting customer energy usage and operating costs; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; asset or business acquisitions and dispositions; any impact of hurricanes or other severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual terrorism or war or other hostilities; British pound sterling to U.S. dollar exchange rates; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. All forward-looking statements should be considered in light of these important factors and in conjunction with the factors and other matters in PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission. P PPL Corporation 2017 EEI Financial Conference 45

Definitions of non-gaap Financial Measures Management utilizes "Earnings from Ongoing Operations" as a non-gaap financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management's view of PPL's earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance. Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the effective tax rate of the entity where the activity is recorded. Special items include: Unrealized gains or losses on foreign currency economic hedges (as discussed below). Gains and losses on sales of assets not in the ordinary course of business. Impairment charges. Significant workforce reduction and other restructuring effects. Acquisition and divestiture-related adjustments. Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations. Unrealized gains or losses on foreign currency economic hedges include the changes in fair value of foreign currency contracts used to hedge GBP-denominated anticipated earnings. The changes in fair value of these contracts are recognized immediately within GAAP earnings. Management believes that excluding these amounts from Earnings from Ongoing Operations until settlement of the contracts provides a better matching of the financial impacts of those contracts with the economic value of PPL's underlying hedged earnings. P PPL Corporation 2017 EEI Financial Conference 46

Definitions of non-gaap Financial Measures Management also utilizes the following non-gaap financial measures as indicators of performance for its businesses: "U.K. Gross Margins" is a single financial performance measure of the electricity distribution operations of the U.K. Regulated segment. In calculating this measure, direct costs such as connection charges from National Grid, which owns and manages the electricity transmission network in England and Wales, and Ofgem license fees (recorded in "Other operation and maintenance" on the Statements of Income) are deducted from operating revenues, as they are costs passed through to customers. As a result, this measure represents the net revenues from the delivery of electricity across WPD's distribution network in the U.K. and directly related activities. "Kentucky Gross Margins" is a single financial performance measure of the electricity generation, transmission and distribution operations of the Kentucky Regulated segment, LKE, LG&E and KU, as well as the Kentucky Regulated segment's, LKE's and LG&E's distribution and sale of natural gas. In calculating this measure, fuel, energy purchases and certain variable costs of production (recorded in "Other operation and maintenance" on the Statements of Income) are deducted from operating revenues. In addition, certain other expenses, recorded in "Other operation and maintenance", "Depreciation" and "Taxes, other than income" on the Statements of Income, associated with approved cost recovery mechanisms are offset against the recovery of those expenses, which are included in revenues. These mechanisms allow for direct recovery of these expenses and, in some cases, returns on capital investments and performance incentives. As a result, this measure represents the net revenues from electricity and gas operations. "Pennsylvania Gross Margins" is a single financial performance measure of the electricity transmission and distribution operations of the Pennsylvania Regulated segment and PPL Electric. In calculating this measure, utility revenues and expenses associated with approved recovery mechanisms, including energy provided as a PLR, are offset with minimal impact on earnings. Costs associated with these mechanisms are recorded in "Energy purchases," "Other operation and maintenance," (which are primarily Act 129 and Universal Service program costs), "Depreciation" (which is primarily related to the Act 129 Smart Meter program) and "Taxes, other than income," (which is primarily gross receipts tax) on the Statements of Income. This measure represents the net revenues from the Pennsylvania Regulated segment's and PPL Electric's electricity delivery operations. These measures are not intended to replace "Operating Income," which is determined in accordance with GAAP, as an indicator of overall operating performance. Other companies may use different measures to analyze and report their results of operations. Management believes these measures provide additional useful criteria to make investment decisions. These performance measures are used, in conjunction with other information, by senior management and PPL's Board of Directors to manage operations and analyze actual results compared with budget. Reconciliations of margins for future periods are not provided as certain items excluded from Operating Income are inherently subject to change and are not significant. P PPL Corporation 2017 EEI Financial Conference 47