#1PPL Investor Update Delivering Top-Tier Growth and Enhancing Value for All Stakeholders January 11, 2023 ppl#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#3ppl Business and Strategy Update PPL Investor Update January 11, 2023 Vince Sorgi President & Chief Executive Officer 3#4Key Takeaways from Today's Plan Update A significant runway of growth and value creation ppl Extends 6% - 8% annual EPS and dividend growth targets through at least 2026 (previously 2025) • Announces 2023 EPS forecast range of $1.50 - $1.65 per share; midpoint represents 7% growth off 2022 pro forma EPS (1) · Announces expected increase to quarterly common stock dividend by 7% to $0.24 per share, subject to Board approval (2) Adds $2.5 billion of generation replacement and transmission investments to capital plan through 2026 Results in increased average annual rate base growth rate to 5.6% from 2022 - 2026 (previously 3.5%)(3) Increases targeted annual cost savings to at least $175 million by 2026 (previously $150 million by 2025) ➤ Maintains exceptional credit metrics to support premier credit ratings - no equity issuances through at least 2026 ➤ Delivers lower CO2 emissions (67% reduction by 2030 from 2010 baseline); aligns with net zero commitment ➤ Builds on best-in-class governance with addition of utility industry veteran, Linda Sullivan, to PPL's Board (1) 2022 pro forma earnings forecast range of $1.40 to $1.55 per share, with a midpoint of $1.48 per share, reflects a full year of earnings contributions from Rhode Island Energy (RIE). (2) Projected capital expenditures related to replacement generation in Kentucky are based upon LG&E's and KU's Certificate of Public Convenience and Necessity (CPCN) filing subject to KPSC approval. Based on year-end rate base estimates from 2022 to 2026. (3) 4#5Extending EPS and Dividend Growth Targets Through 2026 ppl Projecting 6% - 8% annual earnings per share and dividend growth through at least 2026 Projected Earnings Per Share $1.48 7% Growth $1.58 6%-8% CAGR Projected Annualized Dividends Per Share 6%-8% CAGR $0.96 (3) 2022 Proforma 2023 2024 2025 2026 2023 2024 Midpoint(¹) Midpoint (2) Projecting predictable, stable annual EPS growth 2025 Dividend growth in line with EPS growth (1) PPL's 2022 pro forma earnings forecast range of $1.40 to $1.55 per share, with a midpoint of $1.48 per share, reflects a full year of earnings contributions from RIE. (2) Represents the midpoint of PPL's 2023 forecast range of $1.50 - $1.65 per share. (3) Annualized dividend based on announced expected increase. Actual dividends to be determined by Board of Directors. 2026 5#6Increasing Capital Plan by $2.5 Billion Through 2026 ppl Updated 2022-2026 Plan: Prior 2022-2026 Plan: $14.3 billion $11.7 billion Even greater capital growth opportunities across all utilities ($ in billions) >20% Increase from Prior Capital Plan $3.4 $3.4 $2.7 $1.1 $1.1 $2.4 $2.4 $0.2 +$0.1 +$0.1 $2.3 2022 $2.3 $2.5 $2.3 $2.3 2023 2024 2025 2026 Prior Planned Capex Projected Capex Additions (1) (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. CO 6#7Increasing Rate Base CAGR to >5.5% through 2026 ppl Projected annual rate base growth (2022 - 2026) (Year-end rate base, $ in billions) Updated Plan CAGR (2022-2026): 5.6% Prior Plan CAGR (2022-2026): 3.5% Rate Base Growth Improving from 4% To >7% in Back Half of Plan 7.2% CAGR 4.1% CAGR $28.0 $26.2 +$1.2 $25.2 +$0.3 $24.2 +$0.2 +$0.1 $24.1 2022 $25.0 $25.9 $30.1 +$2.4 $27.7 $26.8 2023 2024 Rate Base (Prior Plan) 2025 2026 Rate Base Additions (1) (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. 7#8Replacing Coal Generation in Kentucky with Combination of Natural Gas, Solar and Battery Storage ppl CPCN filing supports economic replacement of coal generation with reliable, least-cost, cleaner energy sources Generation Capacity Additions and Retirements per CPCN Filing (1) (1) (2) (Capacity in MW) CCGT ■Solar - PPA ■Solar - Owned (3 (3) Battery - Owned ■Coal Retirements 125 120 120 -300 Retiring >30% of aging coal +30% generation fleet (~1,500MW) 637 " 621 621 +1.2GW Planned additions of >1,200MW of combined-cycle natural gas -297 * 4 +1GW -898 Planned additions of nearly 1,000MW of solar and battery storage Projected Capital Investment of ~$2.1B (2023-2028) 2024 2025 2026 2027 2028 (1) (2) 23 Certificate of Public Convenience and Necessity (CPCN) and Demand Side Management (DSM) filing with Kentucky Public Service Commission (KPSC), Case No. 2022-00402. Subject to KPSC approval. Planned retirements include Ghent 2 and the anticipated impact of the proposed Good Neighbor Rule as discussed in LG&E and KU's CPCN filing. (3) Includes 120MW self-build solar project with planned COD in 2026 and purchase of 120MW solar facility to be constructed by a 3rd party with a planned COD in 2027. 8 00#9Significantly 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 62.6 +57% 26.7 CO2 Emissions 67% (2) +70% 20.6 18.8 +80% 12.5 Net Zero +26% 0.84 0.62 2021 2030 Meaningful Transition to Lower Carbon Generation. (% of MWh) 19% 1% 2021 9% 2030 2010A 2021A 2030 2035 2040 2050 (3) 42% 80% 49% Coal Gas Renewables (1) (2) 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. 9#10Increasing Annual O&M Savings Target to at Least $175 Million by 2026 Efficiency and affordability are critical for our customers as we plan for significant investments (O&M savings, $ in millions) ppl $50M - $60M At least $150M - $120M $130M >15% More Savings At least $175M $35M $35M $105M Estimated O&M Savings by 2023 Estimated O&M Savings by 2024 Estimated O&M Savings by 2025 Estimated O&M Savings by 2026 IT&D Operations Other Operations Centralization of Shared Services . • $25M increase in targeted O&M savings, extending through 2026 Incremental savings will result from continued deployment of technology and T&D operational playbook Continue to see additional opportunities to scale and drive incremental savings longer term 10#11Financial Update Joe Bergstein Executive Vice President & Chief Financial Officer ppl PPL Investor Update January 11, 2023 11#12Key Assumptions to Updated Business Plan Incremental $2.5 billion of capital expenditures with minimal regulatory lag ppl FERC formula rates for transmission investments and AFUDC requested for new generation investments in Kentucky (¹) . In total, ~60% of 5-year capital plan to be recovered by or subject to existing regulatory mechanisms Projecting 0.5% base customer load growth in Pennsylvania and Kentucky, plus incremental load from Ford battery park ➤ Plan reflects updated macroeconomic assumptions for interest rates and inflation ➤ Minimal rate case activity anticipated through at least 2026 • Expect a RI rate case effective in mid-2026; no planned rate cases in PA or KY through plan period Strong credit metrics maintained through plan period to support organic growth · Continue to project FFO/CFO to debt between 16% - 18% • No equity issuances required through at least 2026 • Holding company debt to total debt ratio remains below 25% (1) AFUDC=Allowance for Fund Used During Construction. AFUDC requested in LG&E's and KU's recent CPCN filing subject to KPSC approval. 12#13Announcing 2023 EPS Forecast In Line with Growth Target Projecting 2023 ongoing earnings forecast range of $1.50 - $1.65 per share (Earnings per share) $1.40 13% Growth ppl 7% Growth $1.58 13% growth from midpoint of 2022 earnings forecast (¹) $1.48 2022 2022 Pro forma Forecast Midpoint (1) Forecast Midpoint (2) Forecast Midpoint (2) 2023 Forecast Midpoint 7% growth from midpoint of 2022 pro forma earnings forecast (2) Full segment walks and related commentary to be provided on year end earnings call (1) Midpoint of PPL's 2022 ongoing earnings forecast range of $1.35 - $1.45 per share, reflecting partial year ownership of Rhode Island Energy (RIE). RIE was acquired in May 2022. See Appendix for reconciliation of reported earnings to ongoing earnings. (2) Midpoint of PPL's pro forma 2022 earnings forecast range of $1.40 - $1.55 per share reflects a full year of earnings contributions from RIE. 13#14Increasing Quarterly Dividend In Line with EPS Growth Quarterly dividend expected to increase to $0.24 per share subject to Board Approval (Dividends per share) 7% Growth $0.24 $0.225 ppl Dividend (1) • Expected quarterly dividend increase to $0.24 per share from $0.225 per share, in line with growth from 2022 pro forma earnings forecast (¹) Dividend growth projected to continue to grow in line with projected earnings growth Targeted dividend payout of 60% - 65% January 3, 2023 Dividend April 1, 2023 (1) Subject to Board of Directors approval. 14#15Meaningful Capital Additions Across Our Utilities Projected capital expenditures (2022 - 2026) (Year-end rate base, $ in billions) ppl $3.4 $3.4 ✰ $1.7 billion in Kentucky (1) • $0.7 $2.7 $0.9 $2.4 $2.4 $0.8 $0.5 $0.6 $1.7 +$1.6 billion of $2.1 billion total replacement generation spend within plan period ✰ $0.5 billion in Pennsylvania $1.5 • +$0.7 billion FERC transmission $0.9 $0.9 $0.9 • -$0.2 billion distribution $1.0 $0.9 $1.0 $1.0 $1.0 ✰ $0.4 billion in Rhode Island • +$0.3 billion FERC transmission 2025 2026 . Details on 2024 - 2026 investment plan 2022 2023 2024 ■Pennsylvania ■Kentucky (1) Rhode Island (1) Includes projected capital expenditures related to replacement generation in Kentucky based upon LG&E's and KU's CPCN filing subject to KPSC approval. 15#16Efficiently Financing Additional Capital Investments Projected financing plan (2023 - 2026) ($ in billions) Plan Supports 16 - 18% FFO/Debt Without Equity Issuances $7.9 $4.0 $11.9 Adjusted Cash From Operations (1) Net Long-Term Debt Issuances/Retirements Equity Issuance 2023 2026 Utility Investment (1) Adjusted cash from operations reflects net cash from operating activities less common dividends. ppl 16#17Premier Balance Sheet Supports Organic Growth and Provides Financial Flexibility One of the sector's best credit profiles supports higher relative valuation ppl ✓ ✓ Premier credit ratings among peers • • Baa1 rating at Moody's 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% Discount Valuation: 13.0x - 16.5x PPL's Relative Valuation Has Improved by 1.5x since Investor Day ✓ No planned equity issuances (1) 2 Source: FactSet, represents closing share price and 2024 consensus estimates as of January 6, 2023. (2) Moody's long-term issuer rating per FactSet. 2024 P/E Multiple (1) Average Valuation: 16.5x – 18.5x HH Premium Valuation: 18.5x - 20.0x Premier Credit Profile Supports Path to Premium Valuation Multiple Baa2 (2) ES AEE CMS ED WEC XEL Baa1(2) DETR FE EVRG AEP DUK SO PPL LNT Ba1 (2) 17#18Closing Remarks Vince Sorgi President & Chief Executive Officer ppl PPL Investor Update January 11, 2023 18#19Delivering on Our Investment Thesis ppl Today's business plan update further enhances our premium investment proposition ✓ Announced 2023 EPS guidance in line with growth targets ✓ Extended 6% - 8% EPS and dividend growth through 2026 ✓ Added $2.5 billion of capital investment to our plan building on this team's proven track record an additional year of top-tier earnings growth increasing rate base growth projection to 5.6% ✓ Increased targeted annual O&M savings to at least $175 million by 2026 → >15% more cost savings ✓ Advanced our clean energy strategy with continued focus on reliability and affordability coal generation by 2028 (1) ✓ Maintained top-tier credit metrics Builds on best-in-class governance no equity issuances through plan period added Linda Sullivan to PPL's Board of Directors retiring >30% of (1) Based on plan proposed in December 2022 CPCN filing subject to KPSC approval. 19#20Supplemental Information PPL Investor Update January 11, 2023 ppl#21PPL Overview Represents service territory Pennsylvania CUSTOMERS SERVICE AREA SERVICES PPL Electric Utilities 1.4M Electric 10,000mi² Kentucky Electric Distribution Electric Transmission $24.2B Rate Base (1) ppl Electric Distribution Electric Transmission Regulated Generation $7.8B Operating Revenues (2) $21.5B Market Capitalization (3) 3.5M Customers LG&E and KU 1.0M Electric • 9,400mi² • Gas Distribution 0.3M Gas • Gas Transmission Rhode Island Rhode Island Energy 0.5M Electric • Electric Distribution 1,200mi² • Electric Transmission • Gas Distribution 0.3M Gas Represents 2022 estimated year-end rate base. Represent 2022 pro forma operating revenues, reflective of full year's contribution from Rhode Island Energy. (1) (2) (3) As of January 6, 2023. 20,600mi² Service Area 21#22Pennsylvania Regulatory Overview PPL Electric Utilities Key Attributes 2022 Rate Base Year-End Rate Base ($B) $9.4 % of Total PPL Rate Base 39% Allowed ROE Electric Transmission Electric Distribution Capital Structure (2021A) Equity Debt Last Base Rate Case (rates effective date) Test Year ppl Constructive Regulatory Features Mitigating Regulatory Lag 9.95%+adders (1)(2) (3) 56% 44% 1/1/2016 FERC Formula Transmission Rates Distribution System Improvement Charge (DSIC) Mechanism ■ An alternative ratemaking mechanism providing more-timely cost recovery of qualifying distribution system capital expenditures Pass through of energy purchases Smart Meter Rider Storm Cost Recovery Alternative Ratemaking (4) Forward Test Year ■ In Pennsylvania, there are various mechanisms available including: decoupling mechanisms, performance-based rates, formula rates, and multi- year rate plans (1) 9.95% base allowed ROE per settlement approved by FERC in November 2021. PPL Electric's base return on equity for transmission will increase to 10.0% beginning on June 1, 2023 in connection with the terms of the settlement. Adders include 50-basis points for RTO membership and incremental returns for certain projects. (2) (3) Last Pennsylvania Distribution rate case was effective 1/1/2016 with an un-disclosed ROE. (4) Alternative ratemaking is available for next distribution base rate case. 22 22#23Kentucky Regulatory Overview Louisville Gas & Electric and Kentucky Utilities Key Attributes 2022 Rate Base Year-End Rate Base ($B) $11.6 % of Total PPL Rate Base 48% Allowed ROE Base ECR & GLT Mechanisms ppl Constructive Regulatory Features Mitigating Regulatory Lag Environmental Cost Recovery (ECR) Mechanism Provides near real-time recovery for approved environmental projects related to coal generation Fuel Adjustment Clause 9.425% 9.35% ■ Pass through of costs of fuel and energy purchases Capital Structure (2021A) Equity Debt 53% 47% Last Base Rate Case (rates effective date) Test Year 7/1/2021 Forward Test Year (1) Retired Asset Recovery Rider applies to the generating plants of LG&E and KU. Gas Line Tracker (GLT) Approved mechanism for LG&E's recovery of costs associated with gas transmission lines, gas service lines, and leak mitigation Demand Side Management Tracker Retired Asset Recovery Rider Provides recovery of and return on remaining net book value at time of retirement, with recovery over 10 years from retirement date (1) 23#24Rhode Island Regulatory Overview Rhode Island Energy Key Attributes 2022 Rate Base Year-End Rate Base ($B) $3.2 % of Total PPL Rate Base Allowed ROE Electric Transmission Electric Distribution Gas Distribution Capital Structure (2021A) ppl 13% 10.57% +adders (1) 9.275%(2) 9.275% (2) 51% 49% Constructive Regulatory Features Mitigating Regulatory Lag Multi-year rate plans for electric and gas distribution Infrastructure, Safety, and Reliability (ISR) tracker Annual recovery mechanism for certain capital and O&M costs for electric and gas distribution projects filed with the RIPUC Performance-based incentive revenues Includes electric system performance, energy efficiency, natural gas optimization, and renewables incentives Revenue decoupling Storm cost recovery Equity Debt Last Base Rate Case 9/1/2018 (rates effective date) Test Year Multi-year(3) Pension expense tracker ✓ Energy Efficiency tracker FERC Formula Transmission Rates (1) Reflects base allowed ROE. Rhode Island Energy receives a 50-basis point RTO adder and additional project adder mechanisms that may increase the allowed ROE up to 11.74%. (2) Reflects base allowed ROE. Rhode Island Energy can earn higher returns than the base allowed ROE through incentive mechanisms and efficiencies that are supported by customer sharing mechanisms. Earnings sharing with customers includes 50% of earnings above the base allowed return between 9.275% and 10.275% and 75% of earnings over 10.275%. (3) Based on regulatory framework established in 2018, which included a multi-year framework for Rhode Island Energy Electric and Gas base rates based on a historical test year with the ability to forecast certain O&M categories for future years. All other O&M expenses are increased by inflation each year. Includes annual rate reconciliation mechanism that incorporates allowance for anticipated capital investments. 24 24#25Our Business Transformation Strategy Will Deliver Material Cost Savings Non-Fuel O&M/Customer for Electric T&D Businesses (1) ($ 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) Targeted annual O&M savings of at least $175 million by 2026 to support affordability and earnings growth Note: O&M includes FERC costs related to A&G, transmission (electric only), distribution and customer service. Excludes uncollectibles, energy efficiency, generation, gas storage, and gas transmission. (1) Source: Company 2021 FERC Form 1 and FERC Form 2 filings. Select group of utility peers based on size, scope, and region. 25#26Capital Expenditure Plan ($ in millions) ppl 2022 2023 2024 2025 2026 5-Year Total Pennsylvania Electric Distribution $450 $300 $300 $300 $325 Electric Transmission 525 550 675 775 650 Pennsylvania Total $975 $850 $975 $1,075 $975 $1,675 3,175 $4,850 Kentucky (1) Electric Distribution $350 $375 $325 $300 $400 $1,750 Electric Transmission 175 175 125 100 200 775 Gas Operations 75 50 50 100 100 375 Generation (non-coal) 50 50 225 775 800 1,900 Coal-Fired Generation 225 200 125 100 100 750 Other 50 100 100 100 100 450 Kentucky Total $925 $950 $950 $1,475 $1,700 $6,000 Rhode Island Electric Distribution $125 $250 $275 $300 $225 $1,175 Electric Transmission 100 100 225 250 225 900 Gas Operations 225 225 250 325 300 1,325 Rhode Island Total $450 $575 $750 $875 $750 $3,400 Total Utility Capex $2,350 $2,375 $2,675 $3,425 $3,425 $14,250 (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. 26#27Projected Rate Base (Year-End) (Year-end rate base, $ in billions) 2022 2023 2024 2025 2026 Pennsylvania Electric Distribution $4.2 $4.2 $4.3 $4.3 $4.4 Electric Transmission 5.2 5.5 5.7 6.1 6.6 Pennsylvania Total $9.4 $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 1.1 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 $11.6 $11.9 $12.1 $12.9 $13.8 Rhode Island Electric Distribution $1.1 $1.2 $1.4 $1.6 $1.8 Electric Transmission 0.9 1.0 1.1 1.3 1.5 Gas Operations 1.2 1.4 1.6 1.8 2.0 Rhode Island Total $3.2 $3.6 $4.1 $4.7 $5.3 Total Rate Base $24.2 $25.2 $26.2 $28.0 $30.1 (1) Reflects impact of projected capital expenditures related to replacement generation in Kentucky based upon LG&E's and KU's CPCN filing subject to KPSC approval. ppl 27#28Debt Maturities ($ in millions) ppl 2027 and 2022 2023 2024 2025 2026 Beyond Total PPL Capital Funding $0 $0 $0 $0 $650 $1,396 $2,046 PPL Electric Utilities $0 $340 $900(4) $0 $0 $3,299 $4,539 Louisville Gas & Electric (1) $0 $0 $300 (4) $300 $90 $1,634 $2,324 Kentucky Utilities(¹) $0 $13 $3004 (4) $250 $164 $2,215 $2,942 Rhode Island Energy (2) $1 $1 $1 $1 $0 $1,500 $1,503 (3) Total Debt Maturities $1 $354 $1,501 $551 $904 $10,044 $13,354 Note: As of September 30, 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, unamortized premiums (discounts), and fair market valuation adjustments. At September 30, 2022, this represented a total amount of ($113 million). (4) Includes Term Loan borrowings with 2024 expirations that are classified as long-term debt on the balance sheet. These borrowings are also reflected in the Liquidity Profile table. 28#29Liquidity Profile ($ in millions) Entity Facility Expiration Date Capacity Borrowed ppl (2) LCS & CP Issued Unused Capacity PPL Capital Funding Syndicated Credit Facility Dec-2026 $1,250 $0 $400 $850 Bilateral Credit Facility Mar-2023 100 0 100 Uncommitted Credit Facility Subtotal Mar-2023 100 0 60 40 $1,450 $0 $460 $990 PPL Electric Utilities Syndicated Credit Facility Term Loan Credit Facility (1) Dec-2026 $650 $0 $1 $649 Mar-2024 $250 $250 $0 $0 Louisville Gas & Electric Syndicated Credit Facility Term Loan Credit Facility (1) Dec-2026 $500 $0 $110 $390 July-2024 $300 $300 $0 $0 Kentucky Utilities Syndicated Credit Facility Term Loan Credit Facility Dec-2026 $400 $0 $0 $400 (1) July-2024 $300 $300 $0 $0 Total PPL Credit Facilities Note: As of September 30, 2022. (1) Term Loan borrowing classified as long-term debt on the balance sheet and reflected in Debt Maturities table. (2) Letters of Credit (LCs) and Commercial Paper (CP). $3,850 $850 $571 $2,429 29#30PPL's Credit Ratings 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 Note: As of September 30, 2022. ppl 30 50#31Appendix PPL Investor Update January 11, 2023 ppl#32Reconciliation of PPL's Earnings Forecast After-Tax (Unaudited) (per share diluted) Estimate of Reported Earnings Less: Special Items (expense) benefit: (1) Talen litigation costs Strategic corporate initiatives (2) Acquisition integration (3) PA tax rate change Sale of Safari Holdings (4) Total Special Items Forecast of Earnings from Ongoing Operations (1) (2) Reflects only special items recorded through September 30, 2022. PPL is not able to forecast special items for future periods. Represents costs primarily related to the acquisition of Rhode Island Energy and PPL's corporate centralization efforts. 2022 Forecast Range Midpoint High Low 1.04 1.09 0.99 0.01 0.01 0.01 (0.03) (0.03) (0.03) (0.27) (0.27) (0.27) 0.01 0.01 0.01 (0.08) (0.08) (0.08) (0.36) (0.36) (0.36) 1.40 1.45 1.35 ppl (3) Represents costs related to the integration 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. (4) Primarily includes the current estimated loss on the sale of Safari Holdings, LLC. 2 32#33Forward-Looking Information Statement ppl 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: asset or business acquisitions and dispositions, 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. 33#34Definitions 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. 34 ==#35Definitions 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 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 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. 35