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 Third Quarter Earnings Results, 2015 Earnings Forecast and Operational Overview U.K. Disclosures: Performance Against Incentives Segment Results and Financial Overview Q&A W. H. Spence V. Sorgi Agenda R. Symons 3

© PPL Corporation 2015 P e r S h a r e Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations. (1) Year-to-date reported earnings includes a $915 million loss from discontinued operations, 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 earnings from the Supply segment. Earnings Results $0.74 $0.58 ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 3Q 2014 3Q 2015 Third Quarter Reported Earnings $0.44 $0.51 ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 3Q 2014 (adj) 3Q 2015 Third Quarter Earnings from Ongoing Operations (2) P e r S h a r e $1.57 $0.42 ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 3Q 2014 3Q 2015 Year-to-Date Reported Earnings (1) P e r S h a r e $1.54 $1.77 ($0.75) ($0.25) $0.25 $0.75 $1.25 $1.75 $2.25 $2.75 3Q 2014 (adj) 3Q 2015 Year-to-Date Earnings from Ongoing Operations (2) P e r S h a r e 4

© PPL Corporation 2015 $0.00 $1.00 $2.00 $3.00 2014 Adj Original 2015E Revised 2015E $2.15 P e r S h a r e 2015 Ongoing Earnings Forecast $2.25 $2.03 Note: See Appendix for the reconciliation of 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) (1) Original 2015E Midpoint (1) Revised 2015E Midpoint (1) U.K. Regulated $1.37 $1.38 $1.43 Kentucky Regulated 0.47 0.48 0.51 PA Regulated 0.40 0.39 0.37 Corporate and Other (0.21) (0.10) (0.11) Total $2.03 $2.15 $2.20 $2.25 (2) $2.05 5

© PPL Corporation 2015 Pennsylvania • Rate Case Update • Black box settlement reached • Includes an annual revenue increase of $124 million • Subject to approval by the Public Utility Commission • Rate increase expected to take effect January 1, 2016 • Smart Meter Program • 23rd JD Power Award Received • Project Compass Update Kentucky • Environmental Update U.K. • Performance against incentives Operational Overview 6

© PPL Corporation 2015 7 Proposed First Segment: • 95-mile initial segment from Blakely, PA to Ramapo, NY • PPL Electric filed interconnection request with NYISO on October 27th • Estimated cost of $500 -$600 million • Estimated in-service date in 2023 • Benefits as proposed include: • Substantial annual savings for NY customers • Economic development benefits • Grid reliability Full Project Current Plan:475-mile transmission line from Western PA to Southeastern NY at an estimated cost of $3 –$4 billion. Project Compass Summary

© PPL Corporation 2015 U.K. Incentive Revenues -Summary • Annual performance above or below the Ofgem targets for Customer Minutes Lost (CML), Customer Interruptions (CI) and the Broad Measure of Customer Satisfaction Survey is rewarded or penalized on a 2-year lag (i.e. 2015/2016 earned performance is received in 2017/2018 revenue). • Rewards/penalties shown on the following slides from the Fast-track Determination are stated in 2012/2013 prices, therefore, we adjust for RPI, as necessary. • WPD is on track to outperform its Ofgem targets in the 2015/2016 regulatory year. • If WPD maintains this level of performance going forward, PPL would expect to earn total incentive revenues that exceed prior estimates for 2017 and 2018. 2017 2018 Revised estimate: $90M -$110M $75M -$105M Previous estimate: $80M -$100M $60M -$ 90M 10

© PPL Corporation 2015 U.K. Incentive Revenue –Quality of Service • WPD is on pace to be near the max reward for Customer Minutes Lost and Customer Interruptions for the 2015/2016 regulatory year. Note: Based on an average for all four DNOs. Actual results calculated at an individual DNO level. (+£14.8) 40.1 28.7 24.4 55.8 0 10 20 30 40 50 60 70 80 Customer Minutes Lost (2012/13 prices) Ofgem Target Projected Max Reward/Penalty Target 63.4 51.1 49.2 77.6 0 10 20 30 40 50 60 70 80 Customer Interruptions (per 100 customers) (2012/13 prices) Ofgem Target Projected Max Reward/Penalty Target (-£40.3) (+£40.3) (-£14.8) 11 A measurement of the cumulative amount of minutes customers are without electricity. A measurement of the cumulative amount of interruptions in a customer’s supply, per 100 customers.

© PPL Corporation 2015 6.5 7.5 8.5 9.5 Interruptions Connections General Inquiries Broad Measure Customer Satisfaction Survey Through September 2015 (2012/13 prices) South West South Wales East Midlands West Midlands Average other DNOs U.K. Incentive Revenue –Customer Satisfaction • The Broad Measure of Customer Satisfaction Survey rewards or penalizes DNOs for the levels of customer satisfaction. • Through September 2015 WPD performance is near or at the max reward levels. Note: Based on an average for all four DNOs. Actual results calculated at an individual DNO level. South West South Wales East Midlands West Midlands Total Max reward/penalty +/-£2.8 +/-£1.9 +/-£4.0 +/-£4.0 +/-£12.7 Max Reward Breakeven Max Penalty 12

© PPL Corporation 2015 Q3 2015 Q3 2014 (adj) Change Pennsylvania Regulated $0.08 $0.08 $0.00 Kentucky Regulated 0.16 0.12 0.04 U.K. Regulated 0.29 0.28 0.01 Corporate and Other (0.02) (0.04) 0.02 Total $0.51 $0.44 $0.07 Ongoing Earnings Overview Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations. 14

© PPL Corporation 2015 3rd Quarter 2014 EPS –Ongoing Earnings $0.08 Gross delivery margins 0.03 Operation and maintenance (0.02) Depreciation (0.01) Total (0.00) 2015 EPS –Ongoing Earnings $0.08 Pennsylvania Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations. 15

© PPL Corporation 2015 3rd Quarter 2014 EPS –Ongoing Earnings $0.12 Gross margins 0.05 Other (0.01) Total 0.04 2015 EPS –Ongoing Earnings $0.16 Kentucky Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations. 16

© PPL Corporation 2015 3rd Quarter 2014 EPS –Ongoing Earnings $0.28 Utility revenues (0.05) Operation and maintenance (0.01) Depreciation 0.02 Income taxes and other 0.05 Total 0.01 2015 EPS –Ongoing Earnings $0.29 U.K. Regulated Segment Earnings Drivers Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations. 17

© PPL Corporation 2015 Foreign Currency Hedging Status and RPI Sensitivity 18 GBP Foreign Currency 2015 2016 2017 Percentage Hedged 100% 83% 66% Hedged Rate (GBP/USD) $1.54 $1.60 $1.60 Budgeted Rate on Open Position (GBP/USD) $1.60 $1.60 $1.60 EPS Sensitivities: Decrease in Rate (USD/GBP) (1) 0.05 $0.00 ($0.01) ($0.02) 0.10 $0.00 ($0.02) ($0.03) Decrease in 2015/2016 RPI (budget assumption 1.6%) (2) 0.5% $0.00 $0.00 ($0.02) 2015/16 2016/17 2017/18 Budget RPI assumption 1.6% 2.8% 3.0% Current U.K. HM Treasury RPI forecast 1.6% 2.8% 3.1% Note: FX hedging status as of 9/30/2015. (1) FX sensitivities do not factor in the potential positive effect from restriking existing hedges. (2) Sensitivities includes the net effect on revenue, O&M and interest expense on index-linked debt. Change in EPS

© PPL Corporation 2015 U.K. Regulated Segment EPS from Ongoing Operations Projection ($ Per Share) Note: See Appendix for the reconciliation of reported earnings (loss) to earnings from ongoing operations. Assumes foreign currency exchange rate of $1.60/£ for 2015E and 2016E on open positions. 19

© PPL Corporation 2015 Note: Corporate and Other capital expenditures average approximately $5million per year. (1) WPD figures based on assumed exchange rate of $1.60/£. (2) Expect between 80% and 90% to receive timely returns via ECR mechanism based on historical experience and future projections. Significant Ongoing Capital Expenditure Program… ($ 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) • PA and KY –Continued focus on improving reliability in both Transmission and Distribution systems • KY –Environmental spending in response to regulations for Mercury, SO2, NOX, Ozone, Particulates, Water Discharge and CCRs (does not include Clean Power Plan) • U.K. –Continued focus on asset replacement, faults and overheads and general system reinforcement 21

© PPL Corporation 2015 ( $ 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 utility capitalization for LKE. 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 $22.9 (2) (1) 22

© 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. 23

© PPL Corporation 2015 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) -0.5% 0.7% -2.2% -0.6% -1.1% -1.0% 0.4% -0.5% Actual 4.6% 2.6% -1.4% 2.0% -0.7% -1.0% 0.7% -3.3% Residential Commercial Industrial Total Residential Commercial Industrial Total Weather-Normalized (charted) 3.4% 2.0% 1.9% 2.5% -0.4% 1.0% 0.7% 0.3% Actual 8.6% 4.6% 1.9% 5.3% 1.1% 1.8% 0.7% 1.2% 24

© PPL Corporation 2015 Kentucky Environmental Controls Low Nox Burners SCR/SNCR Scrubbers Closed Cycle Cooling Tower Dry Handling/ Disposal/ Beneficial Use Baghouses NO x NO x SO 2 Water Intake Coal Combustion Residuals (CCRs) (2) Hg (Particulates) Unit 1 x x x x (1) (3b) Unit 2 x x x x (1) x Unit 1 x x x x x x Unit 2 x (4) x x x (3c) 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 x Unit 2 x (4) x x x x Unit 3 x x x x x (3d) Unit 4 x x x x x x x = Installed (1) Dry handling disposal construction approved by KPSC and permitting or construction underway at Trimble and Brown. Portions of 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 November 2015. (3b) Trimble County 1's commissioning scheduled to start in November 2015. (3c) Ghent 2's commissioning scheduled to start in December 2015. (3d) Mill Creek 3's commissioning scheduled to start in June 2016. (4) Standards are station and company based. KU and LG&E Systems are already in compliance. Control Device Addresses Trimble County Ghent Brown Mill Creek 25

© 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. (3) 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 Ca sh 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 PPL Energy Supply, LLC. (5) Full year projections do not include activity related to PPL Energy Supply, LLC for any portion of 2015. 26

© 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 Debt Maturities Note: As of September 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. 27

© PPL Corporation 2015 Liquidity Profile Note: As of September 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 $750 $20 $0 $730 PPL Electric Utilities Syndicated Credit Facility Jul-2019 $300 $69 $0 $231 LG&E and KU Energy (LKE) Syndicated Credit Facility Oct-2018 $75 $0 $75 $0 Louisville Gas & Electric Syndicated Credit Facility Jul-2019 $500 $0 $0 $500 Kentucky Utilities Syndicated Credit Facility Jul-2019 $400 $0 $0 $400 Letter of Credit Facility Oct-2017 198 198 0 0 $598 $198 $0 $400 WPD WPD Plc. Syndicated Credit Facility Dec-2016 £210 £0 £127 £83 WPD (South West) Syndicated Credit Facility Jul-2020 245 0 0 245 WPD (East Midlands) Syndicated Credit Facility Jul-2020 300 0 139 161 WPD (West Midlands) Syndicated Credit Facility Jul-2020 300 0 0 300 Uncommitted Credit Facilities 65 4 0 61 £1,120 £4 £266 £850 Strong liquidity position to fund current operations and growth. 28

© 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 NR 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 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. Moody’s A1 NR A3 Stable 29

© 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. Reported Earnings (Loss) $ 249 $ 111 $ 55 $ (18) $ (4) $ 393 $ 814 $ 267 $ 191 $ (73) $ (916) $ 283 Less: Special Items (expense) benefit: Foreign currency-related economic hedges 54 54 20 20 Spinoff of the Supply segment: Discontinued operations (4) (4) (916) (916) Transition and transaction costs (1) (1) (16) (16) Employee transitional services (1) (1) (4) (4) Separation benefits (1) (1) (3) (3) 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 (1) (1) (5) (5) Total Special Items 54 (1) (3) (4) 46 40 (13) (23) (916) (912) Earnings from Ongoing Operations $ 195 $ 112 $ 55 $ (15) $ $ 347 $ 774 $ 280 $ 191 $ (50) $ $ 1,195 U.K. KY PA Corp. & Other Disc. Total Corp. Reg. Reg. Reg. Ops. (1) U.K. KY PA Corp. & Other Disc. Total Corp. Reg. Reg. After-Tax (Unaudited) 3rd Quarter Year-to-Date September 30, 2015 September 30, 2015 (millions of dollars) Reg. Ops. 30

© 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. Reported Earnings (Loss) $ 0.37 $ 0.16 $ 0.08 $ (0.02) $ (0.01) $ 0.58 $ 1.21 $ 0.40 $ 0.28 $ (0.11) $ (1.36) $ 0.42 Less: Special Items (expense) benefit: Foreign currency-related economic hedges 0.08 0.08 0.03 0.03 Spinoff of the Supply segment: Discontinued operations (0.01) (0.01) (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 0.08 (0.01) 0.07 0.06 (0.02) (0.03) (1.36) (1.35) Earnings from Ongoing Operations $ 0.29 $ 0.16 $ 0.08 $ (0.02) $ $ 0.51 $ 1.15 $ 0.42 $ 0.28 $ (0.08) $ $ 1.77 After-Tax (Unaudited) 3rd Quarter Year-to-Date (per share - diluted) September 30, 2015 September 30, 2015 Reg. Ops. U.K. KY PA Corp. & Other Disc. Total Corp. Reg. Reg. Reg. Ops. (1) U.K. KY PA Corp. & Other Disc. Total Corp. Reg. Reg. 31

© PPL Corporation 2015 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. Reported Earnings (Loss) $ 295 $ 82 $ 57 $ (24) $ 87 $ 497 $ 688 $ 247 $ 194 $ (100) $ 13 $ 1,042 Less: Special Items (expense) benefit: Foreign currency-related economic hedges 111 111 72 72 Spinoff of the Supply segment: Supply segment earnings 86 86 16 16 Discontinued operations adjustments (1) 1 (7) 7 Change in tax valuation allowances (3) (3) (49) (49) Transition and transaction costs (3) (3) (3) (10) (13) Separation benefits (11) (11) (11) (11) Other: Change in WPD line loss accrual (52) (52) EEI adjustments (1) (1) Separation benefits 2 2 (2) (2) Total Special Items 111 (1) 2 (18) 87 181 20 (2) (70) 13 (39) Indirect operation and maintenance 10 10 35 35 Interest expense 7 7 22 22 Depreciation 2 2 5 5 Total dissynergies-spinoff of Supply segment 19 19 62 62 Earnings from Ongoing Operations (Adjusted) $ 184 $ 83 $ 55 $ (25) $ $ 297 $ 668 $ 247 $ 196 $ (92) $ $ 1,019 3rd Quarter Year-to-Date (millions of dollars) September 30, 2014 September 30, 2014 After-Tax (Unaudited) expense (benefit): (2) Dissynergies-spinoff of Supply segment U.K. KY PA Corp. & Other (1) Disc. Total Corp. Reg. Reg. Reg. Ops. (1) U.K. KY PA Corp. & Other (1) Disc. Total Corp. Reg. Reg. Reg. Ops. (1) 32

© PPL Corporation 2015 Reconciliation of Segment 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 14 million shares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earnings pershare. (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. Reported Earnings (Loss) $ 0.44 $ 0.12 $ 0.09 $ (0.04) $ 0.13 $ 0.74 $ 1.04 $ 0.37 $ 0.29 $ (0.15) $ 0.02 $ 1.57 Less: Special Items (expense) benefit: Foreign currency-related economic hedges 0.16 0.16 0.11 0.11 Spinoff of the Supply segment: Supply segment earnings 0.13 0.13 0.02 0.02 Discontinued operations adjustments (0.01) 0.01 Change in tax valuation allowances (0.01) (0.01) (0.07) (0.07) Transition and transaction costs (0.01) (0.01) (0.02) Separation benefits (0.02) (0.02) (0.02) (0.02) Other: Change in WPD line loss accrual (0.08) (0.08) Separation benefits 0.01 0.01 Total Special Items 0.16 0.01 (0.03) 0.13 0.27 0.03 (0.11) 0.02 (0.06) Dissynergies-spinoff of Supply segment Indirect operation and maintenance 0.02 0.02 0.05 0.05 Interest expense 0.01 0.01 0.03 0.03 Depreciation 0.01 0.01 Total dissynergies-spinoff of Supply segment 0.03 0.03 0.09 0.09 Earnings from Ongoing Operations (Adjusted) $ 0.28 $ 0.12 $ 0.08 $ (0.04) $ $ 0.44 $ 1.01 $ 0.37 $ 0.29 $ (0.13) $ $ 1.54 After-Tax (Unaudited) 3rd Quarter Year-to-Date (per share - diluted) September 30, 2014 September 30, 2014 (1) Ops. (2) U.K. KY PA Corp. & Other (2) Disc. Total Corp. Reg. Reg. Reg. Ops. (2) U.K. KY PA Corp. & Other (2) Disc. Total Corp. Reg. Reg. Reg. expense (benefit): (3) 33

© PPL Corporation 2015 Reconciliation of Segment 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 millionshares of PPL Common Stock being treated as outstanding. Both adjustments are only for purposes of calculating diluted earningsper 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. $ 1.48 $ 0.47 $ 0.39 $ (0.18) $ 0.45 $ 2.61 0.19 0.19 Discontinued operations (0.01) 0.45 0.44 Change in tax valuation allowances (0.07) (0.07) Separation benefits (0.02) (0.02) Change in WPD line loss accrual (0.08) (0.08) Separation benefits (0.01) (0.01) 0.11 (0.01) (0.10) 0.45 0.45 Indirect operation and maintenance 0.07 0.07 Interest expense 0.05 0.05 Depreciation 0.01 0.01 0.13 0.13 $ 1.37 $ 0.47 $ 0.40 $ (0.21) $ $ 2.03 Total dissynergies-spinoff of Supply segment Earnings from Ongoing Operations (Adjusted) Spinoff of the Supply segment: Other: Total Special Items Dissynergies-spinoff of Supply segment expense (benefit): (3) Reg.Reg. Reported Earnings (Loss) Less: Special Items (expense) benefit: Foreign currency-related economic hedges Other (2) Ops. (2) TotalReg. U.K. KY PA Corp. & Disc. Year-to-Date December 31, 2014 (per share - diluted) (1) After-Tax (Unaudited) 34

© PPL Corporation 2015 Reconciliation of PPL's Forecast of 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. $ 1.49 $ 0.49 $ 0.37 $ (0.14) $ (1.36) $ 0.85 $ 0.90 $ 0.80 0.03 0.03 0.03 0.03 Discontinued operations (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) 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) 0.06 (0.02) (0.03) (1.36) (1.35) (1.35) (1.35) $ 1.43 $ 0.51 $ 0.37 $ (0.11) $ $ 2.20 $ 2.25 $ 2.15 Forecast (per share - diluted) 2015 Midpoint After-Tax (Unaudited) U.K. KY PA Corp. Disc. High Low Total 2015 2015& Other Ops. (1) Foreign currency-related economic hedges Spinoff of the Supply segment: Other: Total Special Items Earnings from Ongoing Operations Reported Earnings (Loss) Less: Special Items (expense) benefit: Reg. Reg. Reg. 35

© PPL Corporation 2015 Gross Margins Summary $ 510 $ 460 $ 50 $ 0.05 Distribution $ 207 $ 194 $ 13 $ 0.01 Transmission 102 85 17 0.02 $ 309 $ 279 $ 30 $ 0.03 Total Three Months Ended September 30, Per Share Diluted 2015 2014 Change (after-tax) KY Gross Margins PA Gross Delivery Margins (Unaudited) (millions of dollars, except share data) 36

© PPL Corporation 2015 Reconciliation of Third Quarter Margins to Operating Income $ 801 $ 519 $ 558 $ 1,878 $ 753 $ 477 $ 649 $ 1,879 228 228 240 240 23 154 177 24 128 21 173 20 (20) 28 31 423 482 27 25 415 467 11 215 226 2 231 233 1 25 53 79 25 53 78 Total Operating Expenses 291 210 691 1,192 293 198 700 1,191 $ 510 $ 309 $ (133) $ 686 $ 460 $ 279 $ (51) $ 688 Other Income Margins Other Income Margins Margins Three Months Ended September 30, 2014(Unaudited) PA Gross Gross Delivery Operating Gross Delivery Kentucky PA Gross Kentucky Operating Total Three Months Ended September 30, 2015 Operating Expenses Fuel Energy purchases Other operation and maintenance Depreciation Taxes, other than income Energy purchases from affiliate (millions of dollars) Margins Operating Revenues 37

© PPL Corporation 2015 Reconciliation of Domestic Cash Flows Note: For 2015, due to the generalized and forward-looking nature of this information, the Company has not reconciled the presented non-GAAP financial measures to the most directly comparable GAAP financial measures. (1) Primarily represents PPL Global, LLC items that eliminate in PPL's consolidation. (2) Adjustment to exclude domestic change in cash and cash equivalents. Year Ended December 2014 Additional (Millions of Dollars) Domestic Domestic Funding Sources PPL Consolidated Cash from Cash Available Cash Available Growth for Domestic Statement of Operations for Distribution for Reinvestment Capex Growth Capex PPL Global, LLC Other Cash Flows Cash provided by (used in) operating activities 2,219$ 1,184$ 3,403$ Cash provided by (used in) investing activities (900)$ (1,816)$ 829$ (1,442) (3,329) Cash provided by (used in) financing activities (967)$ 1,451 (86) 185$ (1) 583 Effect of exchange rates on cash and cash equivalents (8) (8) Domestic (increase) decrease in cash and cash equivalents 277 (1,093) 816 (2) 2,219$ 2,219 1,596$ 1,596 Total 629$ (1,816)$ 1,187$ (352)$ 1,001$ 649$ Year Ended December 2013 Additional (Millions of Dollars) Domestic Domestic Funding Sources PPL Consolidated Cash from Cash Available Cash Available Growth for Domestic Statement of Operations for Distribution for Reinvestment Capex Growth Capex PPL Global, LLC Other Cash Flows Cash provided by (used in) operating activities 1,707$ 1,150$ 2,857$ Cash provided by (used in) investing activities (861)$ (2,142)$ (13)$ (1,279) (4,295) Cash provided by (used in) financing activities (878)$ 1,779 534 196$ (1) 1,631 Effect of exchange rates on cash and cash equivalents 8 8 Domestic (increase) decrease in cash and cash equivalents 261 147 (408) (2) 1,707$ 1,707 1,107$ 1,107 Total 229$ (2,142)$ 1,913$ 413$ (212)$ 201$ Reconciling Items Reconciling Items 38

© PPL Corporation 2015 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 39

© PPL Corporation 2015 Definitions of Non-GAAP Financial Measures "Earnings from ongoing operations," should not be considered as an alternative to reported earnings, or net income, which is an indicator of operating performance determined in accordance with U.S. generally accepted accounting principles (GAAP). PPL believes that "earnings from ongoing operations," although a non-GAAP financial measure, is also useful and meaningful to investors because it provides management's view of PPL's earnings excluding the Supply segment, as the spinoff was completed June 1, 2015. Other companies may use different measures to present financial performance. "Earnings from ongoing operations" is adjusted for the impact of special items as described below, which includes the Supply segment's earnings now reflected in discontinued operations. Also included in special items is the loss on spinoff resulting from the fair value of the Supply segment being less than PPL's recorded value as of June 1, 2015, the date of the spinoff. "Earnings from ongoing operations (adjusted)" for 2014 also reflects, within the Corporate and Other category, the impact of spinoff dissynergies that would remain with PPL after the completion of the transaction, if left unmitigated. "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 discontinued operations. • 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. 40

© PPL Corporation 2015 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.AsaresultofthespinoffoftheSupplysegment andcreationofTalenEnergyonJune1,2015,PPLEnergyPlus(renamedTalenEnergyMarketing)isnolongeranaffiliateofPPLElectric. PPL Electric'spurchasesfromTalenEnergyMarketingsubsequenttoMay31,2015arereflectedin"EnergyPurchases"inthereconciliationtables.This measurerepresentsthenetrevenuesfromthePennsylvaniaRegulatedsegment'sandPPLElectric'selectricitydeliveryoperations. 41