#1ppl 4th Quarter Investor Update February 17, 2023 PPL Corporation#2Cautionary Statements and Factors That May Affect Future Results ppl 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 the forward-looking statements. A discussion of some of the factors that could cause actual results or events to vary is contained in the Appendix of this presentation and in PPL's SEC filings. Management utilizes non-GAAP financial measures such as, “earnings from ongoing operations,” “adjusted gross margins” or “margins" in this presentation. For additional information on non-GAAP financial measures and reconciliations to the appropriate GAAP measure, refer to the Appendix of this presentation and PPL's SEC filings. 2#3Business Update Vince Sorgi President & Chief Executive Officer ppl 4th Quarter Investor Update February 17, 2023 PPL Corporation 3#4ppl 2022 Year in Review Delivering value for our customers and shareowners ✓ Completed acquisition of Rhode Island Energy and the strategic repositioning of PPL ■ Positioned company to deliver top-tier earnings and dividend growth ■ Established one of the best credit profiles in the utility sector ✓ Delivered 2022 ongoing EPS of $1.41 per share, beating our forecast midpoint ✓ Developed key investment strategies necessary to enable the utilities of the future and maximize value for customers ■ A balanced, cost-effective generation replacement strategy in Kentucky that will provide safe, reliable, affordable and sustainable energy ■ Advanced Metering, Grid Modernization, and Infrastructure, Safety and Reliability plans in Rhode Island ✓ Advanced strategic partnerships to support additional growth opportunities (4) ■ Executed Memorandum of Understanding with Elia Group subsidiary to explore offshore transmission solutions in New England Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Growth opportunities related to these partnerships not included in current capital plan. (2) SAIFI: System Average Interruption Frequency Index. The average number of interruptions that a customer experiences over a specific period for each customer served. Excludes Rhode Island Energy, which was acquired in May 2022. (3) For PPL Electric Utilities and Kentucky Utilities, based on 2022 J.D. Power Customer Satisfaction Studies. 費 Ranked Top Quartile in Reliability (SAIFI) B (2) Ranked Top Quartile in Customer Satisfaction (3) Recognized leader in safety, technology, and innovation 4#5ppl 2023 Outlook and Priorities Execute PPL's strategy Remain on track with integration of Rhode Island Energy Complete $2.4 billion capex plan to provide safe, reliable and affordable energy to our customers Achieve $50 - $60 million in O&M savings through our utility of the future playbook, centralization efforts, and asset optimization ➤ Deliver the midpoint of our 2023 earnings forecast range of $1.58 per share(1) ➤ Advance the clean energy transition with the CPCN filing in Kentucky and the various regulatory filings in Rhode Island (1) Midpoint of PPL's 2023 earnings forecast range of $1.50 - $1.65 per share. LG LGE PPL company 5#6We Want to be the Best U.S. Utility Company Refreshed vision and mission for OnePPL to enhance the value we deliver for all stakeholders ppl PPL'S VISION Be the best utility company in the U.S. PPL'S MISSION Provide safe, affordable, reliable, sustainable energy to our customers and competitive, long-term returns to shareowners. B HOW WE MEASURE SUCCESS Top Decile in Safety Nationally Top Quartile in Customer Satisfaction, Reliability and Cost Efficiency Nationally Premium Stock Valuation relative to peers 6#7Financial Update Joe Bergstein Executive Vice President & Chief Financial Officer ppl 4th Quarter Investor Update February 17, 2023 PPL Corporation 7#8Financial Overview Overview of 4th Quarter Financial Results (Earnings per share) Reported Earnings (GAAP) Less: Special Items (1) Ongoing Earnings PA Regulated KY Regulated RI Regulated Corp. and Other Overview of Annual Financial Results ppl (Earnings per share) Q4 2022 Q4 2021 2022 2021 $0.26 $0.18 Reported Earnings (GAAP) $1.02 ($1.93) ($0.02) ($0.04) Less: Special Items (2) ($0.39) ($2.98) $0.28 $0.22 Ongoing Earnings $1.41 $1.05 $0.16 $0.15 PA Regulated $0.70 $0.61 $0.10 $0.11 KY Regulated $0.70 $0.61 $0.03 RI Regulated $0.08 ($0.01) ($0.04) Corp. and Other ($0.07) ($0.17) Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Q4 2022 special items were primarily attributable to integration and related expenses associated with the acquisition of Rhode Island Energy, partially offset by taxes related to the discontinued U.K. utility business. Q4 2021 special items were primarily attributable to integration expenses associated with the planned acquisition of Rhode Island Energy and discontinued operations associated with the U.K. utility business. (2) FY 2022 special items were primarily attributable to integration and related expenses associated with the acquisition of Rhode Island Energy, certain costs associated with its acquisition and commitments made during the acquisition process. FY 2021 special items were primarily attributable to discontinued operations associated with the U.K. utility business, a U.K. tax rate change and a loss on the early extinguishment of debt. The FY 2021 special-item charges attributable to discontinued operations included a non-cash net loss on the sale of the U.K. utility business, primarily due to the realization of accumulated other comprehensive losses and forecasted federal taxes associated with the sale, partially offset by earnings from the operations of the U.K. utility business until completion of its sale on June 14, 2021. 8#9Review of 4th Quarter Financial Results Ongoing Earnings Walk: Q4 2022 vs. Q4 2021 (Earnings per share) (1) $0.22 2021A Q4 Ongoing Earnings +$0.01 -$0.01 +$0.03 +$0.03 O&M $0.01 Sales $0.01 Sales Volumes $0.01 Volumes Addition of RIE(3) Income Taxes $0.01 $0.03 Interest Transmission $0.01 O&M ($0.02) ($0.01) Investment Expense Interest Other(2) $0.02 O&M ($0.02) ($0.01) Expense Other(2) $0.01 Other(2) $0.01 PA Regulated Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Ongoing earnings excludes special items. (2) Reflects factors that were not individually significant. (3) RIERhode Island Energy. KY Regulated RI Regulated Corp. & Other ppl $0.28 2022A Q4 Ongoing Earnings 9#10Review of 2022 Financial Results Ongoing Earnings Walk: 2022 vs. 2021 (4) (Earnings per share) $1.05 2021A Ongoing Earnings +$0.07 +$0.08 +$0.10 +$0.05 PA Regulated $0.03 +$0.06 Addition of RIE (3) $0.08 Retail Rates $0.09 Interest Expense Other(2) $0.08 KY Regulated $0.02 $0.02 Transmission $0.03 Investment Sales $0.03 Peak Trans. $0.03 Volumes Demand O&M Sales ($0.03) $0.02 Volumes Depreciation ($0.02) O&M ($0.04) Other(2) $0.02 PA Regulated ppl $1.41 KY Regulated RI Regulated Corp. & Other Share Accretion 2022A Ongoing Earnings Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) Ongoing earnings excludes special items. For FY 2021A, earnings related to the U.K. utility business sold on June 14, 2021 were treated as a special item. Reflects factors that were not individually significant. (2) (3) RIERhode Island Energy. 10#11Walk to Midpoint of 2023 Earnings Forecast Earnings Walk: 2022 ongoing earnings results to 2023 earnings forecast midpoint (Earnings per share) +$0.04 $1.41 Transmission Investment O&M Interest Expense 2022A Ongoing Earnings PA Regulated +$0.05 Jan-May(2) O&M Interest Expense Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. KY Regulated (1) ppl +$0.08 +$0.00 $1.58 O&M Interest Expense RI Regulated Corp. & Other (1) Reflects reallocation of Kentucky holding company financing costs from the Kentucky Regulated segment to Corporate and Other as a result of adjustments to segments beginning on January 1, 2023. See slide 12 for more details. Reflects the impact of a full year earnings in 2023 compared to 2022. Rhode Island Energy was acquired in May 2022. (2) (3) Represents the midpoint of PPL's 2023 earnings forecast range of $1.50 - $1.65 per share. Midpoint of 2023 Earnings Forecast (3) 11#12Reallocation of Kentucky Holding Company Costs Reallocation effective January 1, 2023 to provide more consistent comparability of utility segment results (Earnings Per Share) ppl . 2022 Ongoing Reallocation of 2022 Adjusted for (1) (1) Segment Earnings KY HoldCo Reallocation 2023 Forecast Midpoint (2) PA Regulated $0.70 $0.70 $0.74 KY Regulated $0.70 $0.06 $0.76 $0.81 RI Regulated $0.08 $0.08 $0.16 • Corp. and Other ($0.07) ($0.06) ($0.13) ($0.13) Total PPL Corp. $1.41 $1.41 $1.58 Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations. (1) 2022 reallocation adjustments provided for illustrative purposes. (2) Represents the midpoint of PPL's 2023 earnings forecast range of $1.50 - $1.65 per share. • Prior to January 1, 2023, the results of the KY Regulated segment included KY holding company financing costs Beginning January 1, 2023, KY holding company financing costs will be presented in Corporate and Other Segment results will better represent operating company earnings No change to overall PPL earnings 12#13Increasing Quarterly Dividend In Line with EPS Growth ppl Quarterly dividend increased to $0.24 per share (Dividends per share) 7% Growth $0.24 $0.225 January 3, 2023 Dividend • Quarterly dividend increased to $0.24 per share from $0.225 per share Payable April 3, 2023 to shareowners of record as of March 10, 2023 Dividend growth projected to continue to grow in line with projected earnings growth (2) · Targeted dividend payout of 60% - 65% April 3, 2023 Dividend (1 (1) • Total return proposition of 9% - 11% (3) (1) Based on February 17, 2023 dividend declaration by Board of Directors. (2) Subject to Board of Directors approval. 23 (3) Total return reflects PPL's targeted EPS growth rate plus dividend yield based on targeted annualized dividend and PPL's closing share price as of February 10 2023. 13#14Closing Remarks Vince Sorgi President & Chief Executive Officer ppl 4th Quarter Investor Update February 17, 2023 PPL Corporation 14#15Investment Overview February 17, 2023 PPL Corporation - 4th Quarter Investor Update ppl#16PPL Investment Highlights A large-cap, regulated U.S. utility in constructive regulatory jurisdictions Visible and predictable 6% - 8% annual EPS and dividend growth (1) Robust $12B regulated capital investment plan from 2023 to 2026 One of the strongest balance sheets in the U.S. utility sector - no equity issuances Compelling opportunity to transition existing coal fleet to cleaner energy resources (2) Proven, scalable operations playbook that maintains affordable rates while executing investment plans 9% 11% total return proposition - de-risked plan does not require base rate cases to achieve (3) (1) 23 (2) (3) Refers to PPL's projected earnings per share growth from 2023 to 2026 and targeted dividend per share growth in line with EPS. PPL is economically transitioning coal-fired generation and has committed to not burn coal by 2050 unless it can be mitigated with carbon dioxide removal technologies. Total return reflects PPL's targeted EPS growth rate plus dividend yield based on targeted annualized dividend and PPL's closing share price as of February 10 2023. ppl 16#17Projecting 6% to 8% Earnings and Dividend Growth Through at Least 2026 Projected Earnings Per Share Projected Annualized Dividends Per Share (2) (1) (2) $1.58 2023 Midpoint(¹) 2024 2025 6% -8% CAGR $0.96 (2) 2026 2023 2024 Projecting predictable, stable annual EPS growth Represents the midpoint of PPL's 2023 earnings forecast range of $1.50 - $1.65 per share. Actual dividends to be determined by Board of Directors. Annualized 2023 dividend based on February 17, 2023 dividend declaration by Board of Directors. 2025 Dividend growth in line with EPS growth ppl 6%-8% CAGR 2026 17#18A Robust Capital Plan Significant investment opportunities across all utilities ($ in billions) ppl 2023-2026 Plan: $11.9 billion $3.4 $3.4 $0.8 $0.9 $2.7 $2.4 $0.8 $0.6 $1.5 $1.7 $1.0 $1.0 $0.9 2023 $1.0 $1.1 $1.0 2024 PA Regulated 2025 2026 KY Regulated (¹) RI Regulated Note: Totals may not sum due to rounding. (1) Includes projected capital expenditures related to replacement generation in Kentucky based upon LG&E's and KU's CPCN filing subject to KPSC approval. 18#19Rate Base CAGR of Over 5.5% Through 2026 Projected Annual Rate Base Growth (2022 - 2026) (Year-end rate base, $ in billions) ppl Plan CAGR (2022-2026): 5.6% Rate Base Growth Improving from 4% To >7% in Back Half of Plan 4.1% CAGR $25.2 $24.2 $3.6 $3.2 7.2% CAGR $30.1 $28.0 $26.2 $5.3 $4.7 $4.1 $13.8 $12.9 $11.7 $11.9 $12.1 $9.3 $9.7 2022 $10.0 $10.4 $11.0 2023 ■PA Regulated 2024 ■KY Regulated (1) RI Regulated (2) 2025 2026 Note: Totals may not sum due to rounding. (1) Reflects impact of projected capital expenditures related to replacement generation in Kentucky based upon LG&E's and KU's CPCN filing subject to KPSC approval. (2) Rhode Island rate base excludes acquisition-related adjustments for non-earning assets. 19#20Significantly Improving PPL's Carbon Footprint Plan is consistent with PPL's long-term emission reduction targets with near-term tangible progress Plan Aligns with Pathway to Net Zero Emissions by 2050 (1) (Metric tons, in millions) ppl (2) Reduces Carbon Intensity by More Than 25%2 (Metric tons per MWh) Carbon Intensity +26% 62.6 +57% CO2 Emissions +67% (2) 0.84 0.62 2021 2030 Meaningful Transition to Lower Carbon Generation 26.7 +70% 20.6 +80% (% of MWh) 18.8 Net Zero 12.5 19% 1% 2021 9% 2030 2010A 2021A 2030 2035 2040 2050 (3) 42% 80% 49% Coal Gas Renewables (2) สล (1) Net zero goal covers more than 95% of greenhouse gas emissions from Scopes 1 and 2 and Scope 3 purchased power for Kentucky. Projected absolute emissions reduction and carbon intensity reflect resource mix as submitted in CPCN filing. (3) PPL is economically transitioning coal generation and has committed to not burn coal by 2050 unless it can be mitigated with carbon dioxide removal technologies. 20 20#21Prioritizing Efficiency and Affordability While Staying Out of Rate Cases A clear path to deliver at least $175M of savings through 2026 (O&M savings, $ in millions) $50M - $60M $120M $130M At least $175M At least $150M $35M $35M $105M ✓ T&D Operations • ppl Smart Grid Technology - more efficient and condition- based maintenance for substation and line assets Enhanced vegetation management modeling lowers maintenance costs Customer service technology investments improve self- service and reduce calls handled by agents ✓ Other Operations (Generation & Gas LDCs) • Optimization of planned outage schedules and non- outage maintenance ✓ Centralization of Shared Services Estimated O&M Savings by 2023 Estimated O&M Savings by 2024 Estimated O&M Savings by 2025 Estimated O&M Savings by 2026 T&D Operations Other Operations Centralization of Shared Services • Consolidation of IT platforms reducing maintenance footprint and lower licensing costs • Economies of scale from centralized service functions, including supply chain Additional Opportunities to Scale and Drive Incremental Savings Longer Term 21#22Our Business Transformation Strategy Will Deliver Material Cost Savings Non-Fuel O&M/Customer for Electric T&D Businesses (¹) ($ per customer) ppl Non-Fuel O&M/Customer for Gas T&D Businesses (¹) ($ per customer) TARGETING 1st quartile for PA TARGETING 2nd quartile for KY and RI $305 | $427 $444 TARGETING 1st quartile for KY TARGETING 2nd quartile for RI $220 $333 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile PPL (PA) PPL (KY) PPL (RI) PPL (KY) PPL (RI) At least $175M in annual O&M savings through 2026 to support affordability and earnings growth Note: O&M includes FERC costs related to A&G, transmission (electric only), distribution and customer service. Excludes uncollectibles, energy efficiency, generation, gas storage, and gas transmission. (1) Source: Company 2021 FERC Form 1 and FERC Form 2 filings. Select group of utility peers based on size, scope, and region. 22#23Premier Balance Sheet Supports Organic Growth and Provides Financial Flexibility One of the sector's best credit profiles supports higher relative valuation Premier credit ratings among peers • Baa1 rating at Moody's Discount Valuation: 14.5x - 16.0x PPL's Relative Valuation has Improved by 1.5x since Investor Day 2024 P/E Multiple (1) Average Valuation: 16.0x - 18.0x HH Premium Valuation: 18.0x - 19.0x Premier Credit Profile Supports Path to Premium Valuation Multiple ppl ✓ A- rating at S&P 16% 18% FFO/CFO to debt - Peer average is ~15% HoldCo debt to total debt at <25% Peer average is ~25% ✓ No planned equity issuances ETR FE D EVRG AEP SO DUK PPL ES LNT ED CMS AEE XEL WEC --- (2) Ba1 (2) Baa2 (2) Baa1 (1) 2 Source: FactSet, represents closing share price and 2024 consensus estimates as of February 10, 2023. (2) Moody's long-term issuer rating per FactSet. 23#24ppl Quarterly Supplemental Info. February 17, 2023 PPL Corporation - 4th Quarter Investor Update#25Electricity Sales Volumes 2022 retail sales vs. 2021 retail sales by operating segment (1) ppl (GWh) Weather-Normalized Electricity Sales Volume Actual Electricity Sales Volume Pennsylvania Three Months Ended December 31, 2022 2021 % Change 2022 Trailing Twelve Months Ended December 31, % Change Three Months Ended December 31, 2021 2022 2021 % Change Residential 3,736 3,747 (0.3%) 14,816 14,901 (0.6%) 3,723 3,572 4.2% Commercial 3,319 3,324 (0.2%) 13,923 13,790 1.0% 3,310 3,308 0.1% Industrial 2,102 2,056 2.2% Other 24 23 NM⭑ 8,563 78 8,375 79 2.2% 2,102 2,056 2.2% NM* 24 24 NM⭑ Total 9,181 9,150 0.3% 37,380 37,145 0.6% 9,159 8,959 2.2% Kentucky Three Months Ended December 31, 2022 2021 % Change 2022 Trailing Twelve Months Ended December 31, % Change Three Months Ended December 31, 2021 2022 2021 % Change Residential 2,454 2,436 0.7% 10,588 10,606 (0.2%) 2,459 2,318 6.1% Commercial 1,786 1,777 0.5% 7,682 7,556 1.7% 1,788 1,763 1.4% Industrial 2,065 2,133 (3.2%) 8,670 8,695 (0.3%) 2,065 2,133 (3.2%) Other 612 627 NM* 2,669 2,635 NM⭑ 614 622 NM* Total 6,917 6,973 (0.8%) 29,609 29,493 0.4% 6,926 6,836 1.3% *NM: Not Meaningful (1) Excludes Rhode Island Energy's sales volumes as its revenue is decoupled. 25#26Capital Expenditure Plan ($ in millions) 2023 2024 2025 2026 SubTotal Pennsylvania Electric Distribution $300 $300 $300 $325 $1,225 Electric Transmission 550 675 775 650 Pennsylvania Total $850 $975 $1,075 $975 2,650 $3,875 Kentucky (1) Electric Distribution $375 $325 $300 $400 $1,400 Electric Transmission 175 125 100 200 600 Gas Operations 50 50 100 100 300 Generation (non-coal) 50 225 775 800 1,850 Coal-Fired Generation 200 125 100 100 525 Other 100 100 100 100 400 Kentucky Total $950 $950 $1,475 $1,700 $5,075 Rhode Island Electric Distribution $250 $275 $300 $225 $1,050 Electric Transmission 100 225 250 225 800 Gas Operations 225 250 325 300 1,100 Rhode Island Total $575 $750 $875 $750 $2,950 Total Utility Capex $2,375 $2,675 $3,425 $3,425 $11,900 (1) Includes projected capital expenditures related to replacement generation in Kentucky based upon LG&E's and KU's CPCN filing subject to KPSC approval. ppl 26#27Projected Rate Base (Year-End) (Year-end rate base, $ in billions) 2022A 2023 2024 2025 2026 Pennsylvania Electric Distribution $4.1 $4.2 $4.3 $4.3 $4.4 Electric Transmission 5.2 5.5 5.7 6.1 6.6 Pennsylvania Total $9.3 $9.7 $10.0 $10.4 $11.0 Kentucky (1) Electric Distribution $2.7 $3.0 $3.2 $3.3 $3.6 Electric Transmission 1.5 1.6 1.7 1.8 1.9 Gas Operations 1.2 1.2 1.2 1.3 1.4 Coal-Fired Generation 4.8 4.6 4.3 4.1 3.9 Other Generation 1.5 1.5 1.7 2.4 3.0 Kentucky Total $11.7 $11.9 $12.1 $12.9 $13.8 (2) Rhode Island Electric Distribution Electric Transmission Gas Operations Rhode Island Total Total Rate Base $1.1 $1.2 $1.4 $1.6 $1.8 0.9 1.0 1.1 1.3 1.5 1.2 1.4 1.6 1.8 2.0 $3.2 $3.6 $4.1 $4.7 $5.3 $24.2 $25.2 $26.2 $28.0 $30.1 (1) (2) Reflects impact of projected capital expenditures related to replacement generation in Kentucky based upon LG&E's and KU's CPCN filing subject to KPSC approval. Rhode Island rate base excludes acquisition-related adjustments for non-earning assets. ppl 27#28Debt Maturities ($ in millions) ppl 2028 and 2023 2024 2025 2026 2027 Beyond Total PPL Capital Funding $0 $0 $0 $650 $0 $1,396 $2,046 (4) PPL Electric Utilities $340 $900 $0 $0 $108 $3,191 $4,539 (4) Louisville Gas & Electric (1) $0 $300 $300 $90 $195 $1,439 $2,324 (4) Kentucky Utilities (1 (1) $13 $300 $250 $164 $0 $2,215 $2,942 Rhode Island Energy (2) $1 $1 $1 $0 $0 $1,500 $1,502 Total Debt Maturities (3) $354 $1,501 $551 $904 $303 $9,740 $13,353 Note: As of December 31, 2022. (1) (2) Amounts reflect the timing of any put option on municipal bonds that may be put by the holders before the bonds' final maturities. Amounts reflect sinking fund payments that are due annually until the bond's final maturity. (3) Does not reflect unamortized debt issuance costs and unamortized premiums (discounts) totaling ($111 million). (4) Includes Term Loan Borrowings with 2024 expirations that are classified as long-term debt on the balance sheet. These borrowings are also reflected in the Liquidity Profile. 28#29Liquidity Profile ppl ($ in millions) Entity Facility Expiration Date Capacity Borrowed LCs & CP Issued (2)(3) Unused Capacity PPL Capital Funding Syndicated Credit Facility Dec-2026 $1,250 $0 $561 $689 Bilateral Credit Facility Mar-2023 100 0 0 100 Uncommitted Credit Facility Mar-2023 100 0 58 42 Subtotal $1,450 $0 $619 $831 PPL Electric Utilities Syndicated Credit Facility Dec-2026 $650 $0 $146 $504 Term Loan Credit Facility (1) Mar-2024 $250 $250 $0 $0 Louisville Gas & Electric Syndicated Credit Facility Dec-2026 $500 $0 $180 $320 Term Loan Credit Facility (1) July-2024 $300 $300 $0 $0 Kentucky Utilities Syndicated Credit Facility Dec-2026 $400 $0 $101 $299 Term Loan Credit Facility (1) July-2024 $300 $300 $0 $0 Total PPL Credit Facilities $3,850 $850 $1,045 $1,955 Note: As of December 31, 2022. Totals may not sum due to rounding. (1) Term Loan borrowing classified as long-term debt on the balance sheet and reflected in Debt Maturities table. Letters of Credit (LCs) and Commercial Paper (CP). 123 (2) (3) Commercial paper issued reflects the undiscounted face value of the issuance. 29#30PPL's Credit Ratings Note: As of December 31, 2022 PPL Corporation Credit Rating S&P Moody's Secured NR NR PPL Capital Funding Unsecured NR NR Credit Rating S&P Moody's Long-term Issuer A- Baa1 Outlook Stable Stable Secured NR NR Unsecured BBB+ Baa1 Long-term Issuer Outlook A- Stable NR Stable Rhode Island Energy LG&E and KU PPL Electric Utilities Credit Rating S&P Moody's Credit Rating S&P Moody's Credit Rating S&P Moody's Secured A NR Secured A A1 Secured A+ A1 Unsecured A- A3 Unsecured NR NR Unsecured NR NR Long-term Issuer A- A3 Long-term Issuer A- A3 Long-term Issuer A A3 Outlook Stable Stable Outlook Stable Stable Outlook Stable Stable ppl 30 30#31Appendix February 17, 2023 PPL Corporation - 4th Quarter Investor Update ppl#32Reconciliation of Segment Reported Earnings to Earnings From Ongoing Operations - Current Year After-Tax (Unaudited) ($ in millions) Reported Earnings (1) Less: Special Items (expense) benefit: 4th Quarter December 31, 2022 ppl Year-to-Date December 31, 2022 (5) KY Reg. PA Reg. RI Reg. Corp. & Other Disc. Ops. Total KY Reg. $ 73 $ 115 $ 11 $ (51) $ 42 $ 190 $ 507 PA Reg. $ 525 RI Reg. $ (44) $ Corp. & Other Disc. Ops. (274) $ (5) Total 42 $ 756 Income (Loss) from Discontinued Operations Talen litigation costs, net of tax of $1, $0 (2) Strategic corporate initiatives, net of tax of $3, $4 Acquisition integration, net of tax of $4, $11, $28, $39 PA tax rate change (3) Sale of Safari Holdings, net of tax of ($3), $16 (4) Total Special Items Earnings from Ongoing Operations After-Tax (Unaudited) 42 42 42 42 (4) (4) 1 1 (8) (15) (23) (17) (44) (61) (109) (148) (257) 1 1 9 (4) 5 3 3 (53) (53) (17) (44) 42 (19) (8) 9 (109) (219) 42 (285) $ 73 $ 115 $ 28 $ (7) $ 209 $ 515 $ 516 $ 65 $ (55) $ $ 1,041 4th Quarter Year-to-Date (per share - diluted) Reported Earnings (1) Less: Special Items (expense) benefit: Income (Loss) from Discontinued Operations Talen litigation costs Strategic corporate initiatives (2) KY Reg. PA Reg. $ 0.10 $ 0.16 $ December 31, 2022 RI Reg. Corp. & Other Disc. Ops. (5) 0.01 $ (0.07) $ Total 0.06 $ 0.26 $ KY Reg. 0.69 $ PA Reg. 0.71 $ December 31, 2022 RI Reg. Corp. & Other Disc. Ops. (0.06) $ (0.38) $ (5) Total 0.06 $ 1.02 (3) Acquisition integration PA tax rate change Sale of Safari Holdings (4) Total Special Items Earnings from Ongoing Operations 0.06 0.06 (0.01) (0.01) (0.01) (0.02) (0.06) (0.08) (0.02) (0.03) (0.14) (0.20) (0.34) 0.01 (0.01) $ 0.10 $ 0.16 $ (0.02) 0.03 $ 0.01 (0.06) (0.01) $ 0.01 (0.08) (0.08) 0.06 (0.02) $ 0.28 $ (0.01) 0.70 $ 0.01 (0.14) (0.31) 0.06 (0.39) 0.70 $ 0.08 $ (0.07) $ $ 1.41 0.06 0.06 (1) (2) (3) (4) Reported Earnings represents Net Income. Represents costs primarily related to the acquisition of Rhode Island Energy and PPL's corporate centralization efforts. Represents costs related to the integration and related expenses of Rhode Island Energy and certain costs associated with its acquisition and commitments made during the acquisition process, including costs related to arrearages forgiveness for low- income and protected residential customers and a write-down of regulatory assets as of the Acquisition date for National Grid's Gas Business Enablement (GBE) program and a bill credit to all electric and natural gas distribution customers. Primarily includes the loss on the sale of Safari Holdings LLC. (5) Tax benefit due to the provision to final 2021 tax return adjustments, primarily related to the discontinued U.K. utility business. 32 32#33$ Reconciliation of Segment Reported Earnings to Earnings From Ongoing Operations - Prior Year After-Tax (Unaudited) ($ in millions) Reported Earnings (1) Less: Special Items (expense) benefit: Income (Loss) from Discontinued Operations Talen litigation costs, net of tax of $1, $4 Strategic corporate initiatives, net of tax of $0, $1, $0, $2 Valuation allowance adjustment (1) Transmission formula rate return on equity reduction, net of tax of $0, $8 Acquisition integration, net of tax of $2, $6 U.K. tax rate change KY Reg. 468 $ ppl 4th Quarter December 31, 2021 Year-to-Date December 31, 2021 KY Reg. PA Reg. 79 $ 110 Corp. & Other Disc. Ops.' $ (2) Total PA Reg. Corp. & Other Disc. Ops. (2) Total (47) $ (8) $ 134 $ 445 $ (895) $ (1,498) $ (1,480) (8) (8) (1,502) (1,502) (6) (6) (5) (6 (1) 4 (20) (11) (11) (383) ུ་་8་ (16) (9) 4 4 (20) (22) (383) Solar panel impairment, net of tax of $0, $9 2 2 (26) (26) Loss on early extinguishment of debt, net of tax of $0, $83 (312) (312) Total Special Items (1) (20) (8) (29) 3 Earnings from Ongoing Operations $ 80 $ 110 $ (27) $ $ 163 $ 465 $ (20) 465 (771) (1,498) (2,286) $ (124) $ $ 806 After-Tax (Unaudited) 4th Quarter December 31, 2021 Year-to-Date (per share diluted) Reported Earnings (1) Less: Special Items (expense) benefit: Income (Loss) from Discontinued Operations Talen litigation costs Strategic corporate initiatives Valuation allowance adjustment Transmission formula rate return on equity reduction Acquisition integration U.K. tax rate change Solar panel impairment Loss on early extinguishment of debt Total Special Items December 31, 2021 KY Reg. $ (2) (2) PA Reg. 0.11 $ 0.15 (0.07) $ Corp. & Other Disc. Ops. $ Total (0.01) $ 0.18 $ KY Reg. 0.62 $ PA Reg. 0.58 Corp. & Other Disc. Ops. $ Total (1.17) $ (1.96) $ (1.93) (0.01) (0.01) (1.97) (1.97) (0.01) (0.01) (0.02) (0.02) (0.01) (0.01) (0.01) (0.01) 0.01 (0.01) 0.01 0.01 (0.03) (0.03) (0.01) (0.01) (0.03) (0.03) (0.50) (0.50) (0.03) (0.03) (0.40) (0.40) (0.03) (0.01) (0.04) 0.01 (0.03) (1.00) (1.96) (2.98) $ 0.11 $ 0.15 $ (0.04) $ $ 0.22 $ 0.61 $ 0.61 $ (0.17) $ $ 1.05 Earnings from Ongoing Operations (1) Reported Earnings represents Net Income. (2) PPL sold its U.K. utility business on June 14, 2021, and its earnings were treated as a special item. 33#34Adjusted Gross Margins Summary (Unaudited) (millions of dollars, except share data) Three Months Ended December 31, Per Share Diluted ppl Kentucky Adjusted Gross Margins 2022 2021 Change (after-tax) $ 595 571 24 $ 0.02 Pennsylvania Adjusted Gross Margins Distribution $ 252 229 SA $ Transmission 188 179 Total Pennsylvania Adjusted Gross Margins $ 440 408 Rhode Island Adjusted Gross Margins 187 23 0.02 9 0.01 32 $ 0.03 187 0.20 (Unaudited) Twelve Months Ended December 31, (millions of dollars, except share data) 2022 2021 Change Kentucky Adjusted Gross Margins 2,460 2,255 205 Per Share Diluted (after-tax) 0.20 Pennsylvania Adjusted Gross Margins Distribution 962 915 47 0.04 Transmission 739 674 65 0.06 Total Pennsylvania Adjusted Gross Margins $ 1,701 $ 1,589 $ 112 $ 0.10 Rhode Island Adjusted Gross Margins EA $ 441 441 $ 0.46 34 =4#35Reconciliation of Adjusted Gross Margins (Unaudited) (millions of dollars) KY Adjusted Twelve Months Ended December 31, 2022 PA Adjusted RI Adjusted Gross Margins Gross Margins Gross Margins (1) Other (2) 1,088 $ (27) $ ppl Operating Income (3) 7,902 KY Adjusted Three Months Ended December 31, 2022 PA Adjusted RI Adjusted Operating (2) (3) Other Income 526 $ 4 $ 2,290 $ Gross Margins Gross Margins Gross Margins Operating Revenues $ 947 $ 813 $ 3,811 $ 3,030 $ Operating Expenses Fuel 223 223 931 931 Energy purchases 92 289 211 1 593 273 1,048 365 1,686 Other operation and maintenance 23 34 113 557 727 92 111 249 1,946 2,398 Depreciation 13 11 285 309 53 28 1,100 1,181 Taxes, other than income 1 39 15 47 102 2 142 33 155 332 Total Operating Expenses 352 373 339 890 1,954 1,351 1,329 647 3,201 6,528 Total $ 595 $ 440 $ 187 $ (886) $ 336 $ 2,460 $ 1,701 $ 441 $ (3,228) $ 1,374 (Unaudited) (millions of dollars) KY Adjusted Three Months Ended December 31, 2021 PA Adjusted RI Adjusted Gross Margins Gross Margins Gross Margins 633 $ 843 $ Operating Revenues $ Operating Expenses Fuel 179 Energy purchases 64 164 Other operation and maintenance 17 25 Depreciation 12 8 Taxes, other than income 28 Total Operating Expenses Total $ 272 571 $ 225 408 $ Operating (2) Other Income (3) $ 9 $ 1,485 $ KY Adjusted Twelve Months Ended December 31, 2021 PA Adjusted RI Adjusted Gross Margins Gross Margins Gross Margins 2,430 $ 3,348 $ (2) Other Operating Income (3) $ 5 $ 5,783 179 710 710 228 186 566 752 402 444 88 111 1,409 1,608 252 272 105 52 925 1,082 26 54 4 112 91 207 680 1,177 1,093 841 2,425 4,359 $ (671) $ 308 $ 2,255 $ 1,589 $ $ (2,420) $ 1,424 (1) Operating revenues excludes a $50 million customer bill credit to all electric and natural gas distribution customers that was treated as a special item. (2) Represents amounts excluded from Adjusted Gross Margins. (3) As reported on the Statements of Income. 35#36Forward-Looking Information Statement ppl Statements contained in this presentation, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy, including the anticipated acquisition of Narragansett from National Grid, and its impact on PPL Corporation, 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: asset or business acquisitions and dispositions, including the expected acquisition of Narragansett Electric, and our ability to realize expected benefits from them; the COVID-19 pandemic or other pandemic health events or other catastrophic events, including severe weather, and their effect on financial markets, economic conditions, supply chains and our businesses; the outcome of rate cases or other cost recovery or revenue proceedings; the direct and indirect effects on PPL or its subsidiaries or business systems of cyber-based intrusion or threat of cyberattacks; capital market and economic conditions, including interest rates and inflation, and decisions regarding capital structure; 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; receipt of necessary government permits and approvals; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation involving PPL Corporation and its subsidiaries; stock price performance; the market prices of debt and 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; changes in 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 cyberattack, terrorism, or war or other hostilities; new state, federal or applicable foreign legislation or regulatory developments, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission. 36#37Definitions of Non-GAAP Financial Measures ppl Management utilizes "Earnings from Ongoing Operations" or "Ongoing Earnings" 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 statutory tax rate of the entity where the activity is recorded. Special items may include items such as: • 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. Significant losses on early extinguishment of debt. Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations. 37#38Definitions of Non-GAAP Financial Measures ppl Management also utilizes the following non-GAAP financial measures as indicators of performance for its businesses: "Kentucky Adjusted Gross Margins" is a single financial performance measure of the electricity generation, transmission and distribution operations of the Kentucky Regulated segment, as well as the Kentucky Regulated segment'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 Adjusted Gross Margins" is a single financial performance measure of the electricity transmission and distribution operations of the Pennsylvania Regulated segment. 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, Storm Damage 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 electricity delivery operations. "Rhode Island Adjusted Gross Margins" is a single financial performance measure of the electricity transmission and distribution operations of the Rhode Island Regulated segment, as well as the Rhode Island Regulated segment's distribution and sale of natural gas. In calculating this measure, utility revenues and expenses associated with approved recovery mechanisms are offset with minimal impact on earnings. Costs associated with these mechanisms are recorded in "Energy purchases," "Other operation and maintenance" (which are primarily regional network transmission service, energy efficiency and storm cost related) and "Taxes, other than income" (which is primarily gross earnings tax) on the Statements of Income. This measure represents the net revenues from Rhode Island Regulated segment's electricity and gas 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 adjusted gross margins for future periods are not provided as certain items excluded from Operating Income are inherently subject to change and are not significant. 38