EX-99.2 3 exhibit99-2.htm EXHIBIT 99.2

© PPL Corporation 2015 2 Cautionary Statements and Factors That May Affect Future Results Anystatementsmadeinthispresentationaboutfutureoperating resultsorotherfutureeventsareforward-lookingstatements under the Safe Harbor Provisions of the Private Securities LitigationReformActof1995.Actualresultsmaydiffermaterially fromsuchforward-lookingstatements.Adiscussionoffactors thatcouldcauseactualresultsoreventstovaryiscontainedin theAppendixtothispresentationandintheCompany’sSEC filings.

© PPL Corporation 2015 3 The New PPL Investment Proposition Second Quarter Earnings Results, 2015 Earnings Forecast and Operational Overview Segment Results and Financial Overview Q&A W. H. Spence V. Sorgi Agenda W. H. Spence

© PPL Corporation 2015 Investment Highlights 100% rate-regulated business model • Pure-play utility modelwith strong earnings and dividend growth potential • Top 10 U.S. utility market capitalization and part of the S&P 500 • Annual total return proposition of 8% –11% • Diversified by region, regulator and customer class (Pennsylvania, Kentucky and United Kingdom) • Strong growth in regulated utilitybusinesses in the U.S. and U.K. drives projected rate base growth of ~7% CAGR through 2019 • Rate base/Regulated Asset Value (RAV) expected to grow over $9 billion to ~$32 billion by 2019 • Significant Transmission footprint with over 16% CAGR in Transmission rate base through 2019 Diverse asset mix with robust growth • Constructive rate recovery mechanisms in PA and KY support top in sector domestic earnings growth • Regulatory framework in the U.K. provides long-term certainty and creates a premiumjurisdiction • Over 80% of total capital expenditures through 2019 earn returns subject to no or minimal regulatory lag Strong regulatory jurisdictions • Strong investment-grade credit ratings (A-& Baa2 at PPL; A-& A3/Baa1 at utilities) • Disciplined currency hedging program results in more predictable U.K. earnings • Attractive dividend yield of 4.9% (1) , with continued dividend growth expected Solid financial position 4 Attractive future growth prospects • Annual regulated Cap Ex of ~$3.5 billion through 2019 (~$18 billion over 5 years) • Target 4-6% in EPS growth through at least 2017, driven by 8-10% earnings growth in U.S. utilities (1) Dividend yield as of 07/24/2015.

© PPL Corporation 2015 Significant Investment Opportunity with Constructive Rate Mechanisms Drives Earnings Growth (2) Earnings from Ongoing Operations based on 2014 adjusted actual earnings and midpoint of 2015 forecast. (3) Projection based on midpoint of 4% -6% CAGR off 2014 adjusted earnings. Does not represent earnings forecast or guidance for 2017. S t r o n g R e g u l a t e d R a t e B a s e G r o w t h R e a l - t i m e r e c o v e r y o f C a p E x 4% -6% Compound Annual EPS (2) Growth 5 Greater than 12 months 18% 0-6 months 76% 0-6 months 76% $28.0 (3) (1) “0-6 months” primarily consists of 100% of WPD capital expenditures and domestic capital expenditures where the investment occurs within six months of that spend being included in rates, and CWIP Incentive on the Northeast Pocono project. “7-12 months” and “Greater than 12 months” primarily consist of domestic capital expenditures where the investment occurs within 7 to 12 months or greater than 12 months of that spend being included in rates. 2015E –2017E Capital Recovery, Earning on Investment (1) ($bn) $22.8

© PPL Corporation 2015 Rate Base (2015E) Equity Ratio (1) Allowed ROE PPL Electric Utilities D: $3.0 billion T: $2.5 billion 51.60% D: 10.40% T: 11.68% (2) LG&E $3.7 billion 52.75% 10.00% (3) Kentucky Utilities $5.1 billion 53.02% 10.00% (3) Constructive Regulatory Framework Supports Robust Financial Performance Focus on rate structure optimization with constructive recovery mechanisms. EU LG&E KU Environmental Cost Recovery DSIC    NA 6 Forward test year methodology  CWIP includedin rate base (5)(6)   Gas Line Tracker  Pass through of Purchased Power Fuel and Gas Supply Adj. Clause Storm Recovery (7)     NA  Smart Meter Rider (4) NA NA  Tracker/Mechanism Transmission Formula Rate Transmission Incentive Adder (2)    NA NA   NA NA NA   NA NA NA Energy Efficiency/DSM     1. As filed in most recent rate cases. 2. Allowed ROE of 12.93% for Susquehanna-Roseland project. 3. No stated ROE for Kentucky Base Rates. However, the Environmental Cost Recovery Mechanism and Gas Line Tracker was awardeda 10% ROE. 4. Pending PAPUC approval. 5. CWIP included in forward test year rate base for LG&E and KU. 6. For PPL EU Transmission, CWIP included for Northeast Pocono reliability project totaling $335 million in capital investment. 7. LG&E and KU have historically been able to recover costs from extraordinary storms, but no formal tracker is in place.

© PPL Corporation 2015 The U.K.; a PremiumRegulatory Jurisdiction The U.K. OFGEM’s RIIO framework (Revenue = Incentives + Innovation + Outputs) allows Distribution Network Operators (DNO’s) to earn premium returns for strong performance and innovation. WPD Investment Advantage Regulatory cycle Fast track incentive Benefit sharing Inflation –adjusted revenues • Revenues set for 8 year period, commencing April 2015 through March 2023 • No volumetric risk in amount of electricity delivered • Ability to collect additional annualrevenue equivalent to 2.5% of total annual expenditures • Ability to retain 50% -70% of cost efficiencies; with benefits shared with customers • RPI Indexation of allowed revenues and Regulatory Asset Value (RAV) • Provides certainty and visibility • Ofgemaccepted business plan spend over 8 years drives RAV growth • WPD only 4 DNO’s awarded fast-track status • Estimated $43 million of annual fast-track revenue • Fast-track status allows WPD to retain 70% of cost efficiencies (O&M and Capital savings), compared to only 53% to 58% for the slow track DNO’s • RPI plan assumptions –2.6% for 2015/16; 3% thereafter (20 year historical average for RPI is 2.9%) Funding & leverage • Regulation requires funding to support investment grade credit ratings • Debt leverage set at 65% of Debt/RAV at the DNO level • U.K. is a self-funding operation; does not require any equity from PPL • Holding company structure provides for higher earned ROEs • PPL targets 80-85% Debt/RAV at consolidated U.K. level • Expected ability to annually repatriate $300 -$500 million of cash back to the U.S in a tax efficient manner Incentive regulation • WPD has a proven track record of outperformance • Additional opportunity to improve earned ROE’s; mid-to- upper teens earned ROE’s (1) expected through 2017 7 • Incentive revenues available for outstanding customer service and reliability RIIO-ED1 Framework (1) U.S. GAAP ROE’s exclude the effects of Goodwill and OCI.

© PPL Corporation 2015 8 $1.40 $1.44 $1.47 $1.49 $1.51 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 2011 2012 2013 2014 2015E (1) $/Share Annualized Continued Dividend Growth (1) Annualized dividend based on 8/3/2015 announced increase. Actual dividends to be determined by Board of Directors.

© PPL Corporation 2015 Summary of Drivers of 4% to 6% EPS Growth Through 2017 8% -10% Domestic Utility Earnings Growth: PA Regulated • Transmission Cap Ex of $2.0 billion at 11.68% base ROE, 12.93% for $630 million Susquehanna Roseland project drives transmission rate base growth of 18.9% through 2017 • 2015 Distribution Rate Case with rates effective early 2016 • DSIC Cap Ex of $500 million with 2016 DSIC Cap Ex in Base Rates • ~ 70% of gross margin subject to minimal or no volumetric risk KY Regulated • Environmental investment of $1.2 billion at 10% ROE • Gas Line Tracker investment of ~ $150 million at 10% ROE • $132 million 2014 Rate Case with rates effective July 1, 2015 • Assumed minimal load growth Corporate and Other • Corporate restructuring to achieve $75 million in cost reductions essentially complete • Expect no more than $200 million per year in Equity issuances through 2017 (1) Earnings from Ongoing Operations based on 2014 adjusted actual earnings and midpoint of 2015 forecast. (2) Projection based on midpoint of 4% -6% CAGR off 2014 adjusted earnings. Does not represent earnings forecast or guidance for 2017. (3) Based on 2015-2017 projections. Excludes the effects of Goodwill and OCI. 9 U.K. Regulated • No volumetric risk • Flat earnings growth from 2014 –2017 during transition to RIIO-ED1 • Average expected segment earned ROE of 15% to 18% (3) • Expected RAV growth of 5.8% through 2017 • Incentive revenue assumptions: 2015 -$125M; 2016 -$120- $130M; 2017 -$80-$100M; 2018 -$60-$90M • Assumed exchange rate of $1.60/£ for 2015 –2017 • Assumed RPI (inflation rate) –2.6% for 2015/16; 3.0% thereafter (2) 4% -6% Compound Annual EPS (1) Growth

© PPL Corporation 2015 11 P e r S h a r e Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations. (1) Second quarter reported earnings includes a $1 billion loss, or $1.50 per share from discontinued operations associated with theJune 1 spinoff of the Supply segment. Year-to-date reported earnings includes a $912 million loss, or $1.36 per share. (2) 2014 was adjusted for Supply segment earnings and dissynergies related to the spinoff of the Supply segment. 2015 excludes earning from the Supply segment. Earnings Results $0.34 ($1.13) ($1.20) ($0.70) ($0.20) $0.30 $0.80 $1.30 $1.80 $2.30 $2.80 2Q 2014 2Q 2015 Second Quarter Reported Earnings $0.44 $0.49 ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 2Q 2014 (adj) 2Q 2015 Second Quarter Earnings from Ongoing Operations (2) P e r S h a r e $0.83 ($0.17) ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 2Q 2014 2Q 2015 Year-to-date Reported Earnings (1) P e r S h a r e $1.10 $1.26 ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 2Q 2014 (adj) 2Q 2015 Year-to-date Earnings from Ongoing Operations (2) P e r S h a r e (1)

© PPL Corporation 2015 $0.00 $1.00 $2.00 $3.00 2014 Adj Previous 2015E Revised 2015E $2.15 12 P e r S h a r e Increasing 2015 Ongoing Earnings Forecast $2.25 $2.03 Note: See Appendix for the reconciliation of 2014 reported earnings (loss) to earnings from ongoing operations. (1) 2015 earnings and 2014 earnings (adjusted) presented here excludes any earnings from the Supply segment. However, the Supply segment is part of PPL Corporation’s consolidated reported earnings for the first five months of 2015. (2) For 2014, earnings from ongoing operations (adjusted) reflects the full impact of dissynergies related to the spinoff of the Supply segment: Indirect O&M ($0.07), Interest ($0.05) and Depreciation ($0.01). Segment 2014 Earnings (Adjusted) Previous 2015E Midpoint (1) Revised 2015E Midpoint U.K. Regulated $1.37 $1.38 $1.41 Kentucky 0.47 0.48 0.51 PA Regulated 0.40 0.39 0.38 Corporate and Other (0.21) (0.10) (0.10) Total $2.03 $2.15 $2.20 $2.25 (2) $2.05

© PPL Corporation 2015 13 Pennsylvania • Compass Update • Smart Meter Program • Distribution Rate Case Kentucky • KY Rate Case Approval • Cane Run 7 U.K. • RIIO-ED1 effective April 1 Operational Overview

© PPL Corporation 2015 15 Q2 2015 Q2 2014 (adj) Change Pennsylvania Regulated $0.07 $0.08 $(0.01) Kentucky Regulated 0.09 0.09 0.00 U.K. Regulated 0.36 0.33 0.03 Corporate and Other (0.03) (0.06) 0.03 Total $0.49 $0.44 $0.05 Ongoing Earnings Overview Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations.

© PPL Corporation 2015 16 2nd Quarter 2014 EPS –Ongoing Earnings $0.08 Gross delivery margins 0.01 Operation and maintenance (0.01) Depreciation (0.01) Total (0.01) 2015 EPS –Ongoing Earnings $0.07 Pennsylvania Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations.

© PPL Corporation 2015 17 2nd Quarter 2014 EPS –Ongoing Earnings $0.09 Gross margins 0.01 Operation and maintenance (0.01) Total 0.00 2015 EPS –Ongoing Earnings $0.09 Kentucky Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations.

© PPL Corporation 2015 18 2nd Quarter 2014 EPS –Ongoing Earnings $0.33 Utility revenues (0.03) Depreciation 0.03 Foreign Currency (0.01) Income taxes and other 0.04 Total 0.03 2015 EPS –Ongoing Earnings $0.36 U.K. Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations.

© PPL Corporation 2015 Foreign Currency Hedging Status and RPI Sensitivity Note: FX hedging status as of 07/15/2015. (1) Sensitivity includes the net effects on revenue, O&M and interest expense on index-linked debt. 19 GBP Foreign Currency 2015 2016 2017 Percentage Hedged 100% 90% 40% Hedged Rate (GBP/USD) $1.58 $1.61 $1.62 Budgeted Rate on Open Position (GBP/USD) $1.60 $1.60 $1.60 EPS Sensitivities: Decrease in Rate (USD/GBP) 0.05 $0.00 ($0.01) ($0.03) 0.10 $0.00 ($0.02) ($0.05) Decrease in 2015/2016 RPI (1) (budget assumption 2.6%) 0.5% $0.00 $0.00 ($0.02) Change in EPS

© PPL Corporation 2015 Funding the Growth Strong domestic operating cash flows plus the U.K. dividend sufficient to fund the PPL dividend. Domestic debt and equity issuances fund domestic utility growth. 20 2013A (4) 2014A (4) 2015E (5) Domestic Cash from Operations $1,707 $2,219 $1,610 Domestic Maintenance Capex (1) (861) (900) (650) Dividend From UK Regulated 261 277 290 Cash Available for Distribution $1,107 $1,596 $1,250 Common Dividend (878) (967) (1,000) Cash Available for Reinvestment $229 $629 $250 Domestic Growth Capex ($2,142) ($1,816) ($1,615) Debt Maturities ($747) ($546) ($1,000) Debt Issuances and Change in Cash (2) 1,343 (159) 2,243 Equity Issuances 1,330 1,063 200 Other Investing & Financing Activities (13) 829 (78) Additional Funding Sources for Domestic Growth Capex $1,913 $1,187 $1,365 Note: Information provided on this slide to be updated on an annual basis. See appendix for the reconciliation of Domestic Cash from Operations. (1) Represents book depreciation (2) Includes domestic issuances (short and long term), net of issue costs (3) Includes approximately $900 million of proceeds from sale of the Montana hydros (4) Includes results of the PPL Energy Supply, LLC (5) Full year projections do not include activity related to PPL Energy Supply, LLC for any portion of 2015 (3)

© PPL Corporation 2015 22 Note: Corporate and Other capital expenditures average approximately $5million per year. (1) WPD figures based on assumed exchange rate of $1.60 / £. (2) Expect between 80% and 90% to receive timely returns via ECR mechanism based on historical experience and future projections. (3) Pending PAPUC approval. Significant Ongoing Capital Expenditure Program… ($ in billions) $3.61 $3.33 $3.33 $3.53 $3.78 (1) (2) ~$18 billion of Capital Expenditures from 2015 –2019 to strengthen safety and reliability of T&D systems and address environmental regulations in Kentucky. • Over 80% of Regulated capital expenditures earn returns subject to minimal or no lag • PA –Implementation of ~$450 million Smart Meter Program to be recovered through a rider mechanism (~$328 million of Capital; ~$122 million O&M) (3) • PA and KY –Continued focus on improving reliability on both Transmission and Distribution systems • KY –Environmental spending in response to regulations for Mercury, SO2, NOX, Ozone, Particulates, Water Discharge and CCR’s (excludes proposed CO2 regulation) • U.K. –Continued focus on asset replacement, faults and overheads and general system reinforcement

© PPL Corporation 2015 23 ( $ i n b i l l i o n s ) (1) WPD figures based on assumed exchange rate of $1.60 / £ for 2015 -2019. (2) Represents capitalization for LKE, as LG&E and KU rate constructs are based on capitalization. Represents Regulatory Asset Value (RAV) for WPD. Strong regulated rate base growth will drive EPS growth. …Critical to Driving Strong Rate Base Growth $32.1 $30.1 $28.0 $26.2 $24.6 $22.8 (2) (1)

© PPL Corporation 2015 U.K. Regulated Segment Cash Repatriation Note: Assumes foreign currency exchange rate of $1.60/£ for 2015E, 2016E and 2017E. ($ in millions) Flexible strategy for meaningful U.K. cash repatriation. 24

© PPL Corporation 2015 25 Note: Total includes Residential, Commercial and Industrial customer classes as well as “Other”, which is not depicted on the charts above. U.S. Regulated Volume Variances Residential Commercial Industrial Total Residential Commercial Industrial Total Weather-Normalized (charted) -2.9% 0.0% 1.5% -0.6% -1.8% 0.8% 0.1% -0.5% Actual 0.2% 1.7% 1.5% 1.1% -2.5% 0.5% 0.1% -0.8% Residential Commercial Industrial Total Residential Commercial Industrial Total Weather-Normalized (charted) 1.1% -1.1% -0.1% 0.1% -1.5% -1.7% 2.1% -0.3% Actual 0.1% -0.8% -0.1% -0.2% -3.0% -2.3% 2.0% -1.1% 1.1% -1.5% -1.1% -1.7% -0.1% 2.1% 0.1% -0.3% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 3-months ended 6/30/2015 vs 6/30/2014 12-months ended 6/30/2015 vs 6/30/2014 % C h a n g e KY Regulated Weather-Normalized Sales -Retail

© PPL Corporation 2015 26 Pennsylvania Rate Case Schedule Timing Milestone 04/2015 Discovery phase begins 06/02/2015 Public input hearings 06/23/2015 Direct of other parties by 07/01/2015 First settlement conference 07/20/2015 Rebuttal testimony due 07/28/2015 Second settlement conference 07/31/2015 Surrebuttaltestimony 08/06-07-10-11/2015 Evidentiary hearings and oral rejoinder 08/11/2015 Close of record 09/01/2015 Main briefs 09/11/2015 Reply briefs 12/17/2015 Public meetings Completed        

© PPL Corporation 2015 Kentucky Environmental Controls Low Nox Burners SCR/SNCR Scrubbers Closed Cycle Cooling Tower Dry Handling/Disposal/Beneficial Use Bag-houses NO x NO x SO 2 Water Intake Coal Combustion Residuals (CCRs) (2) Hg (Particulates) Unit 1 x x x x (1) (3) Unit 2 x x x x (1) x Unit 1 x x x x x x Unit 2 x (4) x x x (3) Unit 3 x x x x x x Unit 4 x x x x x x Unit 1 x (4) x x (1) (4) Unit 2 x (4) x x (1) (4) Unit 3 x x x x (1) (3a) Unit 1 x (4) x (4) x (3b) Unit 2 x (4) x x x (3b) Unit 3 x x x x x (3) Unit 4 x x x x x x Unit 4 (5) (5) (5) (5) (5) (5) Unit 5 (5) (5) (5) (5) (5) (5) Unit 6 (5) (5) (5) (5) (5) (5) Unit 3 x (6) (6) (6) (6) (6) Unit 4 x (6) (6) (6) (6) (6) Green River Cane Run Control Device Addresses Trimble County Ghent Brown Mill Creek 27 x Environmental control equipment already installed (1) Dry handling disposal construction approved by KPSC and permitting or construction underway at Trimble and Brown. Portions o f Ghent systems are operational at this time as other construction activity continues. (2) Wet ash impoundments exist at all plants. (3) Baghouses construction approved by KPSC and construction activity underway at Trimble, Ghent, Brown, and Mill Creek. (3a) Brown 3's commissioning scheduled to start in July 2015. (3b) Mill Creek 1's and 2's systems expect to begin commisioningin third quarter 2015. (4) Standards are station and company based. KU and LG&E Systems are already in compliance. (5) Cane Run units 4 and 5 were retired in June 2015. Cane Run unit 6 was retired in March 2015. (6) As part of the company’s generation capacity plans and EPA regulations, these units are expected to be retired before end of April 2016.

© PPL Corporation 2015 ($ in millions) 2015 2016 2017 2018 2019 PPL Capital Funding $0 $0 $0 $250 $0 PPL Electric Utilities 100 0 0 0 0 LG&E and KU Energy 400 0 0 0 0 Louisville Gas & Electric (1) 250 25 194 98 40 Kentucky Utilities 250 0 0 0 0 WPD 0 460 100 0 0 Total 1,000 485 294 348 40 28 Debt Maturities Note: As of June 30, 2015 (1) Louisville Gas & Electric has several municipal bonds that may be put by the holders before the bonds’ final maturities. These amounts reflect the timing of any put option in 2016 through 2019.

© PPL Corporation 2015 29 Liquidity Profile Note: As of June 30, 2015 Entity Facility Expiration Date Capacity (Millions) Letters of Credit & Commercial Paper Issued (Millions) Borrowed (Millions) Unused Capacity (Millions) PPL Capital Funding Syndicated Credit Facility Nov-2018 $300 $0 $0 $300 Syndicated Credit Facility Jul-2019 300 0 0 300 Bilateral Credit Facility Mar-2016 150 20 0 130 Uncommitted Credit Facility 65 1 0 64 $815 $21 $0 $794 PPL Electric Utilities Syndicated Credit Facility Jul-2019 $300 $169 $0 $131 LG&E and KU Energy (LKE) Syndicated Credit Facility Oct-2018 $75 $0 $75 $0 Louisville Gas & Electric Syndicated Credit Facility Jul-2019 $500 $259 $0 $241 Kentucky Utilities Syndicated Credit Facility Jul-2019 $400 $227 $0 $173 Letter of Credit Facility Oct-2017 198 198 0 0 $598 $425 $0 $173 WPD WPD Plc. Syndicated Credit Facility Dec-2016 £210 £0 £130 £80 WPD (South West) Syndicated Credit Facility Jul-2019 245 0 0 245 WPD (East Midlands) Syndicated Credit Facility Jul-2019 300 0 112 188 WPD (West Midlands) Syndicated Credit Facility Jul-2019 300 0 0 300 Uncommitted Credit Facilities 65 4 0 61 £1,120 £4 £242 £874 Strong liquidity position to fund current operations and growth.

© PPL Corporation 2015 WPD Holding Company LKE Holding Company PPL Electric UtilitiesLKE Operating Companies PPL Capital Funding Credit Rating Secured Unsecured Long-term Issuer Outlook S&P NR BBB+ NR Stable Moody’s NR Baa2 NR Stable Credit Rating Secured Unsecured Long-term Issuer Outlook S&P NR BBB+ A- Stable Moody’s NR Baa3 Baa3 Stable WPD Operating Companies Credit Rating Secured Unsecured Long-term Issuer Outlook S&P NR A- A- Stable Moody’s NR Baa1 Baa1 Stable Credit Rating Secured Unsecured Long-term Issuer Outlook S&P A NR A- Stable Moody’s A1 A3 A3 Stable Credit Rating Secured Unsecured Long-term Issuer Outlook S&P NR BBB+ A- Stable Moody’s NR Baa1 Baa1 Stable Credit Rating Secured Unsecured Long-term Issuer Outlook S&P A NR A- Stable Moody’s A2 Baa1 Baa1 Positive PPL Corporation Credit Rating Secured Unsecured Long-term Issuer Outlook S&P NR NR A- Stable Moody’s NR NR Baa2 Stable Strong Credit Ratings Post-Spin Strong credit profile at our utilities, holding companies and PPL Corporation. 30

© PPL Corporation 2015 31 Reconciliation of Segment Reported Earnings (Loss) to Earnings from Ongoing Operations (1) Includes an $879 million charge reflecting the difference between PPL’s recorded value for the Supply segment and the estimated fair value determined in accordance with applicable accounting rules under GAAP. After-Tax (Unaudited) 2nd Quarter 2015 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other Operations Total Reported Earnings (Loss) (1) $ 190 $ 47 $ 49 $ (36) $ (1,007) $ (757) Less: Special Items (expense) benefit: Foreign currency-related economic hedges (71) (71) Spinoff of the Supply segment: Discontinued operations (1) (1,007) (1,007) Transition and transaction costs (12) (12) Employee transitional services (1) (1) Separation benefits (1) (1) Other: Settlement of certain income tax positions 18 18 Certain valuation allowances (8) (8) LKE acquisition-related adjustment (4) (4) Total Special Items (53) (12) (14) (1,007) (1,086) Earnings from Ongoing Operations $ 243 $ 59 $ 49 $ (22) $ - $ 329 (per share -diluted) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other Operations Total Reported Earnings (Loss) (1) $ 0.28 $ 0.07 $ 0.07 $ (0.05) $ (1.50) $ (1.13) Less: Special Items (expense) benefit: Foreign currency-related economic hedges (0.11) (0.11) Spinoff of theSupply segment: Discontinued operations (1) (1.50) (1.50) Transition and transaction costs (0.02) (0.02) Other: Settlement of certain income tax positions 0.03 0.03 Certain valuation allowances (0.01) (0.01) LKE acquisition-related adjustment (0.01) (0.01) Total Special Items (0.08) (0.02) (0.02) (1.50) (1.62) Earnings from Ongoing Operations $ 0.36 $ 0.09 $ 0.07 $ (0.03) $ - $ 0.49

© PPL Corporation 2015 32 Reconciliation of Segment Reported Earnings (Loss) to Earnings from Ongoing Operations (Adjusted) (1) Certain amounts have been reclassified to reflect the Supply segment as a discontinued operation. (2) Represents 2014 costs allocated to the Supply segment that remained with PPL after the spinoff of the Supply segment. (3) The "If-Converted Method" has been applied to PPL's 2011 Equity Units, resulting in an immaterial amount of interest charges being added back to earnings and approximately 11 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share. After-Tax (Unaudited) 2nd Quarter 2014 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other (1) Operations (1) Total Reported Earnings (Loss) $ 187 $ 58 $ 52 $ (67) $ (1) $ 229 Special Items (expense) benefit: Foreign currency-related economic hedges (33) (33) Spinoff of the Supply segment: Discontinued operations (4) (1) (5) Change in tax valuation allowances (46) (46) Other: EEI adjustments 1 1 Separation benefits (4) (4) Total Special Items (33) 1 (4) (50) (1) (87) Dissynergiesrelated to the spinoff of the Supply segment(2) Indirect operation and maintenance (11) (11) Interest expense (8) (8) Depreciation (1) (1) Total dissynergiesrelated to the spinoff of the Supplysegment (20) (20) Earnings from Ongoing Operations (Adjusted) $ 220 $ 57 $ 56 $ (37) $ - $ 296 (per share -diluted) (3) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other (1) Operations (1) Total Reported Earnings (Loss) $ 0.28 $ 0.09 $ 0.08 $ (0.11) $ - $ 0.34 Special Items (expense) benefit: Foreign currency-related economic hedges (0.05) (0.05) Spinoff of the Supplysegment: Discontinued operations (0.01) (0.01) Change in tax valuation allowances (0.07) (0.07) Other: EEI adjustments Total Special Items (0.05) (0.08) (0.13) Dissynergiesrelated to the spinoff of the Supply segment(2) Indirect operation and maintenance (0.02) (0.02) Interest expense (0.01) (0.01) Total dissynergiesrelated to the spinoff of the Supply segment (0.03) (0.03) Earnings from Ongoing Operations (Adjusted) $ 0.33 $ 0.09 $ 0.08 $ (0.06) $ - $ 0.44

© PPL Corporation 2015 Reconciliation of Segment Reported Earnings (Loss) to Earnings from Ongoing Operations (1) Includes an $879 million charge reflecting the difference between PPL’s recorded value for the Supply segment and the estimated fair value determined in accordance with applicable accounting rules under GAAP. 33 After-Tax (Unaudited) Year-to-Date June 30, 2015 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other Operations Total Reported Earnings (Loss) (1) $ 565 $ 156 $ 136 $ (55) $ (912) $ (110) Less: Special Items (expense) benefit: Foreign currency-related economic hedges (34) (34) Spinoff of the Supply segment: Discontinued operations (1) (912) (912) Transition and transaction costs (15) (15) Employee transitional services (3) (3) Separation benefits (2) (2) Other: WPD Midlands acquisition-related adjustment 2 2 Settlement of certain income tax positions 18 18 Certain valuation allowances (8) (8) LKE acquisition-related adjustment (4) (4) Total Special Items (14) (12) (20) (912) (958) Earnings from Ongoing Operations $ 579 $ 168 $ 136 $ (35) $ - $ 848 (per share -diluted) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other Operations Total Reported Earnings (Loss) (1) $ 0.84 $ 0.23 $ 0.20 $ (0.08) $ (1.36) $ (0.17) Less: Special Items (expense) benefit: Foreign currency-related economic hedges (0.05) (0.05) Spinoff of the Supply segment: Discontinued operations (1) (1.36) (1.36) Transition and transaction costs (0.02) (0.02) Employee transitional services (0.01) (0.01) Other: Settlement of certain income tax positions 0.03 0.03 Certain valuation allowances (0.01) (0.01) LKE acquisition-related adjustment (0.01) (0.01) Total Special Items (0.02) (0.02) (0.03) (1.36) (1.43) Earnings from Ongoing Operations $ 0.86 $ 0.25 $ 0.20 $ (0.05) $ - $ 1.26

© PPL Corporation 2015 Reconciliation of Segment Reported Earnings (Loss) to Earnings from Ongoing Operations (Adjusted) 34 (1) Certain amounts have been reclassified to reflect the Supply segment as a discontinued operation. (2) Represents 2014 costs allocated to the Supply segment that remained with PPL after the spinoff of the Supply segment. (3) The "If-Converted Method" has been applied to PPL's 2011 Equity Units, resulting in $9 million of interest charges (after-tax) beingadded back to earnings and approximately 21 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share. After-Tax (Unaudited) Year-to-Date June 30, 2014 (millions of dollars) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other (1) Operations (1) Total Reported Earnings (Loss) $ 393 $ 165 $ 137 $ (76) $ (74) $ 545 Special Items (expense) benefit: Foreign currency-related economic hedges (39) (39) Spinoff of the Supply segment: Discontinued operations (6) (74) (80) Change in tax valuation allowances (46) (46) Other: EEI adjustments 1 1 Change in WPD line loss accrual (52) (52) Separation benefits (4) (4) Total Special Items (91) 1 (4) (52) (74) (220) Dissynergiesrelated to the spinoff of the Supply segment(2) Indirect operation and maintenance (25) (25) Interest expense (15) (15) Depreciation (3) (3) Total dissynergiesrelated to the spinoff of the Supply segment (43) (43) Earnings from Ongoing Operations (Adjusted) $ 484 $ 164 $ 141 $ (67) $ - $ 722 (per share -diluted) (3) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other (1) Operations (1) Total Reported Earnings (Loss) $ 0.60 $ 0.25 $ 0.21 $ (0.12) $ (0.11) $ 0.83 Special Items (expense) benefit: Foreign currency-related economic hedges (0.06) (0.06) Spinoff of the Supply segment: Discontinued operations (0.01) (0.11) (0.12) Change in tax valuation allowances (0.07) (0.07) Other: Change in WPD line loss accrual (0.08) (0.08) Total Special Items (0.14) (0.08) (0.11) (0.33) Dissynergiesrelated to the spinoff of the Supply segment(2) Indirect operation and maintenance (0.04) (0.04) Interest expense (0.02) (0.02) Total dissynergiesrelated to the spinoff of the Supply segment (0.06) (0.06) Earnings from Ongoing Operations (Adjusted) $ 0.74 $ 0.25 $ 0.21 $ (0.10) $ - $ 1.10

© PPL Corporation 2015 35 Reconciliation of Reported Earnings (Loss) to Earnings from Ongoing Operations (Adjusted) (1) The "If-Converted Method" has been applied to PPL's 2011 Equity Units, resulting in $9 million of interest charges (after-tax) being added back to earnings and approximately 11 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings per share. (2) Certain amounts have been reclassified to reflect the Supply segment as a discontinued operation. (3) Represents 2014 costs allocated to the Supply segment that remained with PPL after the spinoff of the Supply segment. After-Tax (Unaudited) Year-to-Date December 31, 2014 (per share -diluted) (1) U.K. Kentucky Pennsylvania Corporate Discontinued Regulated Regulated Regulated and Other (2) Operations (2) Total Reported Earnings (Loss) $ 1.48 $ 0.47 $ 0.39 $ (0.18) $ 0.45 $ 2.61 Special Items (expense) benefit: Foreign currency-related economic hedges 0.19 0.19 Spinoff of the Supply segment: Discontinued operations (0.01) 0.45 0.44 Change in tax valuation allowances (0.07) (0.07) Separation benefits (0.02) (0.02) Other: Change in WPD line loss accrual (0.08) (0.08) Separation benefits -bargaining unit voluntary program (0.01) (0.01) Total Special Items 0.11 (0.01) (0.10) 0.45 0.45 Dissynergiesrelated to the spinoff of the Supply segment(3) Indirect operation and maintenance (0.07) (0.07) Interest expense (0.05) (0.05) Depreciation (0.01) (0.01) Total dissynergiesrelated to the spinoff of the Supply segment (0.13) (0.13) Earnings from Ongoing Operations (Adjusted) $ 1.37 $ 0.47 $ 0.40 $ (0.21) $ $ 2.03

© PPL Corporation 2015 36 Reconciliation of PPL’s Forecast of Reported Earnings (Loss) to Earnings from Ongoing Operations (After-Tax) Unaudited Forecast (per share -diluted) Midpoint U.K. Kentucky Pennsylvania Corporate Discontinued High Low Regulated Regulated Regulated and Other Operations Total 2015 2015 Reported Earnings (Loss) (1) $ 1.39 $ 0.49 $ 0.38 $ (0.13) $ (1.36) $ 0.77 $ 0.82 $ 0.72 Special Items (expense) benefit: Foreign currency-related economic hedges (0.05) (0.05) (0.05) (0.05) Spinoff of the Supply segment: Discontinued operations (1) (1.36) (1.36) (1.36) (1.36) Transition and transaction costs (0.02) (0.02) (0.02) (0.02) Employee transitional services (0.01) (0.01) (0.01) (0.01) Other: Settlement of certain income tax positions 0.03 0.03 0.03 0.03 Certain valuation allowances (0.01) (0.01) (0.01) (0.01) LKE acquisition-related adjustment (0.01) (0.01) (0.01) (0.01) Total Special Items (0.02) (0.02) - (0.03) (1.36) (1.43) (1.43) (1.43) Earnings from Ongoing Operations $ 1.41 $ 0.51 $ 0.38 $ (0.10) $ - $ 2.20 $ 2.25 $ 2.15 (1) Includes an $879 million charge reflecting the difference between PPL's recorded value for the Supply segment and the estimated fair value determined in accordance with applicable rules under GAAP.

© PPL Corporation 2015 37 Gross Margins Summary $ 438 $ 428 $ 10 $ 0.01 Distribution $ 193 $ 189 $ 4 Transmission 90 81 9 $ 0.01 $ 283 $ 270 $ 13 $ 0.01 Total (Millions of Dollars) Three Months Ended June 30, Per Share Diluted 2015 2014 Change (after-tax) KY Gross Margins PA Gross Delivery Margins (Unaudited)

© PPL Corporation 2015 38 Reconciliation of Second Quarter Margins to Operating Income $ 714 $ 476 $ 575 $ 1,765 $ 722 $ 449 $ 659 $ 1,830 16 16 19 19 Total Operating Revenues 714 476 591 1,781 722 449 678 1,849 214 214 231 1 232 28 138 4 170 36 114 21 171 5 (5) 21 (21) 24 27 403 454 25 23 399 447 9 207 216 2 228 230 1 23 52 76 21 56 77 13 13 14 14 Total Operating Expenses 276 193 674 1,143 294 179 698 1,171 $ 438 $ 283 $ (83) $ 638 $ 428 $ 270 $ (20) $ 678 Energy-related businesses Total Three Months Ended June 30, 2015 Operating Revenues Utility Operating Expenses Fuel Energy purchases Energy-related businesses Other operation and maintenance Depreciation Taxes, other than income Energy purchases from affiliate (Unaudited) Margins Three Months Ended June 30, 2014(Millions of Dollars) PA Gross Gross Delivery Operating Gross Delivery Kentucky PA Gross Kentucky Operating Other Income Margins Other Income Margins Margins

© PPL Corporation 2015 40 Statementscontainedinthispresentation,includingstatementswithrespecttofutureearnings,cashflows,financing,regulationandcorporate strategyare"forward-lookingstatements"withinthemeaningofthefederalsecuritieslaws.AlthoughPPLCorporationbelievesthatthe expectationsandassumptionsreflectedintheseforward-lookingstatementsarereasonable,thesestatementsaresubjecttoanumberofrisksand uncertainties,andactualresultsmaydiffermateriallyfromtheresultsdiscussedinthestatements.Thefollowingareamongtheimportantfactors thatcouldcauseactualresultstodiffermateriallyfromtheforward-lookingstatements:marketdemandforenergyinourserviceterritories, weatherconditionsaffectingcustomerenergyusageandoperatingcosts;theeffectofanybusinessorindustryrestructuring,includingtheability ofPPLCorporationtorealizeallorasignificantportionoftheanticipatedcostsavingsfromthecorporaterestructuringfollowingtheSupply businessspinoff;theprofitabilityandliquidityofPPLCorporationanditssubsidiaries;newaccountingrequirementsornewinterpretationsor applicationsofexistingrequirements;operatingperformanceofourfacilities;thelengthofscheduledandunscheduledoutagesatourgenerating plants;environmentalconditionsandrequirementsandtherelatedcostsofcompliance;systemconditionsandoperatingcosts;developmentof newprojects,marketsandtechnologies;performanceofnewventures;assetorbusinessacquisitionsanddispositions;anyimpactofhurricanesor othersevereweatheronourbusiness;receiptofnecessarygovernmentpermits,approvals,ratereliefandregulatorycostrecovery;capitalmarket conditionsanddecisionsregardingcapitalstructure;theimpactofstate,federalorforeigninvestigationsapplicabletoPPLCorporationandits subsidiaries;theoutcomeoflitigationagainstPPLCorporationanditssubsidiaries;stockpriceperformance;themarketpricesofequitysecurities andtheimpactonpensionincomeandresultantcashfundingrequirementsfordefinedbenefitpensionplans;thesecuritiesandcreditratingsof PPLCorporationanditssubsidiaries;political,regulatoryoreconomicconditionsinstates,regionsorcountrieswherePPLCorporationorits subsidiariesconductbusiness,includinganypotentialeffectsofthreatenedoractualterrorismorwarorotherhostilities;Britishpoundsterlingto U.S.dollarexchangerates;newstate,federalorforeignlegislation,includingnewtaxlegislation;andthecommitmentsandliabilitiesofPPL Corporationanditssubsidiaries.Anysuchforward-lookingstatementsshouldbeconsideredinlightofsuchimportantfactorsandinconjunction withPPLCorporation'sForm10-KandotherreportsonfilewiththeSecuritiesandExchangeCommission. Forward-Looking Information Statement

© PPL Corporation 2015 41 Definitions of Non-GAAP Financial Measures “Earningsfromongoingoperations,”shouldnotbeconsideredasanalternativetoreportedearnings,ornetincome,whichisanindicatorof operatingperformancedeterminedinaccordancewithU.S.generallyacceptedaccountingprinciples(GAAP). PPLbelievesthat“earningsfrom ongoingoperations,”althoughanon-GAAPfinancialmeasure,isalsousefulandmeaningfultoinvestorsbecauseitprovidesmanagement’sview ofPPL’searningsexcludingtheSupplysegment,asthespinoffwascompletedJune1,2015.Othercompaniesmayusedifferentmeasuresto presentfinancialperformance.“Earningsfromongoingoperations”isadjustedfortheimpactofspecialitemsasdescribedbelow,which includestheSupplysegment’searningsnowreflectedindiscontinuedoperations,asPPLcompletedthespinoffoftheSupplysegmentonJune1, 2015.AlsoincludedinspecialitemsisthelossonspinoffresultingfromthefairvalueoftheSupplysegmentbeinglessthanPPL’srecordedvalue asofJune1,2015,thedateofthespinoff.“Earningsfromongoingoperations(adjusted)”for2014alsoreflects,withintheCorporateandOther category,theimpactofspinoffdissynergiesthatwouldremainwithPPLafterthecompletionofthetransaction,ifleftunmitigated. “Earnings from ongoing operations” is adjusted for the impact of special items. Special items include: • Unrealized gains or losses on foreign currency-related economic hedges. • Supply segment earnings. • Loss on the spinoff of the Supply segment. • Gains and losses on sales of assets not in the ordinary course of business. • Impairment charges. • Workforce reduction and other restructuring effects. • Acquisition and divestiture-related adjustments. • Other charges or credits that are, in management’s view, not reflective of the company’s ongoing operations.

© PPL Corporation 2015 42 Definitions of Non-GAAP Financial Measures PPLutilizesthefollowingnon-GAAPfinancialmeasuresasindicatorsofperformanceforitsbusinesses.Thesemeasuresarenotintendedtoreplace "OperatingIncome,"whichisdeterminedinaccordancewithGAAP,asanindicatorofoveralloperatingperformance. Othercompaniesmayuse differentmeasurestoanalyzeandreporttheirresultsofoperations. Managementbelievesthesemeasuresprovideadditionalusefulcriteriato makeinvestmentdecisions.Theseperformancemeasuresareused,inconjunctionwithotherinformation,byseniormanagementandPPL'sBoard ofDirectorstomanagetheoperationsandanalyzeactualresultscomparedwithbudget. "KentuckyGrossMargins"isasinglefinancialperformancemeasureoftheelectricitygeneration,transmissionanddistributionoperationsofthe KentuckyRegulatedsegment,LKE,LG&EandKU,aswellastheKentuckyRegulatedsegment's,LKE'sandLG&E'sdistributionandsaleofnatural gas. Incalculatingthismeasure,fuel,energypurchasesandcertainvariablecostsofproduction(recordedas"Otheroperationandmaintenance" ontheStatementsofIncome)aredeductedfromrevenues. Inaddition,certainotherexpenses,recordedas"Otheroperationandmaintenance", "Depreciation"and"Taxes,otherthanincome"ontheStatementsofIncome,associatedwithapprovedcostrecoverymechanismsareoffset againsttherecoveryofthoseexpenses,whichareincludedinrevenues.Thesemechanismsallowfordirectrecoveryoftheseexpensesand,insome cases,returnsoncapitalinvestmentsandperformanceincentives. Asaresult,thismeasurerepresentsthenetrevenuesfromelectricityandgas operations. "PennsylvaniaGrossDeliveryMargins"isasinglefinancialperformancemeasureoftheelectricitydeliveryoperationsofthePennsylvania RegulatedsegmentandPPLElectric,whichincludestransmissionanddistributionactivities. Incalculatingthismeasure,utilityrevenuesand expensesassociatedwithapprovedrecoverymechanisms,includingenergyprovidedasaPLR,areoffsetwithminimalimpactonearnings. Costs associatedwiththesemechanismsarerecordedin"Energypurchases,""Otheroperationandmaintenance,"whichisprimarilyAct129costs,and "Taxes,otherthanincome,"whichisprimarilygrossreceiptstax. ThisperformancemeasureincludesPLRenergypurchasesbyPPLElectricfrom PPLEnergyPlus,whicharereflectedin"Energypurchasesfromaffiliate"inthereconciliationtables.AsaresultofthespinoffofPPLEnergySupply andcreationofTalenEnergyonJune1,2015,PPLEnergyPlus(renamedTalenEnergyMarketing)isnolongeranaffiliateofPPLElectric. PPL ElectricpurchasesfromTalenEnergyMarketingsubsequenttoMay31,2015arereflectedin"EnergyPurchases"inthereconciliationtables. This measurerepresentstherevenuesfromthePennsylvaniaRegulatedsegment'sandPPLElectric'selectricitydeliveryoperations.