1st Quarter Investor Update

PPL Investment Highlights I.II 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) 123 (2) 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. (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 April 28, 2023. ppl 14

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