PPL Corporation Investor Presentation — August 2022

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2ndQuarter Investor Update

PPL Corporation2Cautionary Statements and Factors That May Affect

Statements made inthispresentation about future operating results orother future events, including theanticipated effects oftherecent sale ofPPL

Corporation’s U.K.business, theacquisition ofTheNarragansett Electric Company (Narragansett) from National Grid, andtheimpact ofeach transaction

onPPL Corporation, areforward -looking statements under theSafe Harbor provisions ofthePrivate Securities Litigation Reform Actof1995 .Actual

results may differ materially from theforward -looking statements .Adiscussion ofsome ofthefactors that could cause actual results orevents tovary is

contained intheAppendix ofthispresentation andinPPL’s SEC filings .

Management utilizes non-GAAP financial measures such as,“earnings from ongoing operations,” “adjusted gross margins” or“margins” inthis

presentation .Foradditional information onnon-GAAP financial measures and reconciliations totheappropriate GAAP measure, refer totheAppendix of

thispresentation andPPL’s SEC filings .3

President & Chief Executive OfficerBusiness Update

2nd Quarter Investor Update

PPL Corporation4PPL ’s Investment Thesis

(1) Refers to PPL’s projected earnings per share growth from pro forma 2022 to 2025 and targeted dividend per share growth in lin e with EPS.

(2) PPL is economically transitioning coal -fired generation and has committed to not burn coal by 2050 unless it can be mitigated wi th 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 July 29, 2022.A large -cap, regulated U.S. utility in constructive regulatory jurisdictions

Visible and predictable 6% -8% annual EPS and dividend growth

Robust $27B regulated investment opportunity through 2030

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 –no unabated coal by 2050

Superior operators with a proven, scalable strategy that enables growth while sustaining affordable rates

9% -11% total return proposition –de-risked plan does not require base rate cases to achieve(2)

(3)(1)2ndQuarter Update: Takeaways

Note: See Appendix for the reconciliation of reported earnings to earnings from ongoing operations.

(1) Refers to PPL’s projected earnings per share growth from pro forma 2022 to 2025 and targeted dividend per share growth in lin e with EPS.

(2) Based on pro forma 2022 EPS projections, including a full year of earnings contributions from Rhode Island Energy