Ppl Corporation · NYSE:PPL

Ppl — EEI Financial Conference 2015

41 slides from Ppl's conference presentation, Nov 10, 2015

1. Slide 1: EEI Financial Conference November 8-11, 2015

   © PPL Corporation 2015 EEI Financial Conference November 8-11, 2015 Diplomat Resort & Spa, Hollywood, FL Exhibit 99.2

2. Slide 2: Cautionary Statements and Factors That May Affect Future Results

   © PPL Corporation 2015 1 Cautionary Statements and Factors That May Affect Future Results Anystatementsmadeinthispresentationaboutfutureoperating resultsorotherfutureeventsareforward-lookingstatements under the Safe Harbor Provisions of the Private Securities LitigationReformActof1995.Actualresultsm

3. Slide 3: Investment Proposition

   © PPL Corporation 2015 Investment Proposition 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 10% –12% • Diversified by region, regu

4. Slide 4: Leading Energy Delivery Platform with Scale and Diversity

   © PPL Corporation 2015 Leading Energy Delivery Platform with Scale and Diversity Pennsylvania Regulated Segment • Customers: 1.4 million Electricity Distribution • Allowed Distribution ROE: 10.40% • Rate Base: $4.9 billion (1) • 5-Year Transmission Rate Base CAGR: 16.3% • 5-Year Distribution Rate Ba

5. Slide 5: Significant Investment Opportunity with Constructive Rate Mechanisms Drives Earnings Growth

   © 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 6% CAGR off 2014 adjusted earnings. Does not represent

6. Slide 6: Constructive Regulatory Framework Supports Robust Financial Performance

   © 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 Financia

7. Slide 7: The U.K.; a Premium Regulatory Jurisdiction

   © PPL Corporation 2015 The U.K.; a PremiumRegulatory Jurisdiction The U.K. OFGEM’s RIIO framework (Revenue = Incentives + Innovation + Outputs) allows Distribution Network Operators (DNOs) to earn premium returns for strong performance and innovation. WPD Investment Advantage Regulatory cycle Fast t

8. Slide 8: Significant Ongoing Capital Expenditure Program

   © PPL Corporation 2015 7 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 projection

9. Slide 9: Critical to Driving Strong Rate Base Growth

   © PPL Corporation 2015 8 ( $ 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 S

10. Slide 10: Pennsylvania: Continuing to Grow Transmission

    © PPL Corporation 2015 Pennsylvania: Continuing to Grow Transmission Projected Transmission Rate Base Growth • Excellent growth in Transmission business with over 16% CAGR in Transmission rate base through 2019 • CAGR of 16.3% in transmission rate base through 2019 driven by initiatives to improve a

11. Slide 11: Proven Track Record of Transmission Capability

    © PPL Corporation 2015 Proven Track Record of Transmission Capability • Susquehanna –Roseland • Approximately $650 million Project • 150 miles from Berwick, PA into New Jersey including through Delaware Water Gap • Successful partnership with a neighboring utility in New Jersey • Cooperation with mu

12. Slide 12: Project Compass Summary

    © PPL Corporation 2015 11 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

13. Slide 13: Project Compass

    © PPL Corporation 2015 Project Compass 12

14. Slide 14: Pennsylvania: Strong Distribution Growth Platform

    © PPL Corporation 2015 Pennsylvania: Strong Distribution Growth Platform Projected Distribution Rate Base Growth Total: $24.6 bn • Reliability initiatives drive distribution rate base growth at a projected CAGR of ~7% through 2019 • Constructive regulatory jurisdiction with improved regulation that

15. Slide 15: Kentucky: Strong Rate Base Growth Driven By Environmental Investments

    © PPL Corporation 2015 $8.3 $8.8 $9.2 $9.5 $10.1 $10.9 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 2014A 2015E 2016E 2017E 2018E 2019E ( $ i n B i l l i o n s ) Kentucky: Strong Rate Base Growth Driven By Environmental Investments • Constructive regulatory environment that provides a timely return on a sub

16. Slide 16: WPD: Top Performing Electricity Distribution Business in the U.K.

    © PPL Corporation 2015 WPD: Top Performing Electricity Distribution Business in the U.K. • Highly attractive regulated business • Regulator-accepted 8 year forward-looking revenues based on future business plan, including capital expenditures and O&M plus incremental financial adjustments to base re

17. Slide 17: U.K. Incentive Revenues - 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

18. Slide 18: U.K. Incentive Revenue – Quality of Service

    © 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. (+£1

19. Slide 19: U.K. Incentive Revenue – Customer Satisfaction

    © 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 Measur

20. Slide 20: Foreign Currency Risk Management

    © PPL Corporation 2015 Foreign Currency Risk Management • 3-year forward hedging program to manage PPL’s GBP vs. USD earnings translation risk • The program consists of declining hedge percentage ratios on a “rolling” 36-month basis allocated into 12-month periods • Hedge bands provide flexibility f

21. Slide 21: Retail Price Index - RPI

    © PPL Corporation 2015 Retail Price Index -RPI • Revenue: • Annually, tariffs will be set in the November timeframe using the forecasted RPI for the next two regulatory years (i.e. 2016/2017 and 2017/2018 tariffs will be based on forecasted RPI in Nov 2015) • In addition, the 2017/2018 revenues will

22. Slide 22: Foreign Currency Hedging Status and RPI Sensitivity

    © PPL Corporation 2015 Foreign Currency Hedging Status and RPI Sensitivity 21 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 $

23. Slide 23: Funding the Growth

    © 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 Ma

24. Slide 24: Summary

    © PPL Corporation 2015 Summary 23 • Pure-play regulated business profile operating in premium jurisdictions • 6% projected earnings growth with above sector-average dividend yield • Strong dividend growth potential • Low risk business plan • Confident in our ability to deliver on commitments to shar

25. Slide 25: Appendix

    © PPL Corporation 2015 Appendix 24

26. Slide 26: PPL Fact Sheet

    © PPL Corporation 2015 PPL Fact Sheet CORPORATE DATA Ticker symbol and stock exchange PPL-NYSE At October31, 2015 Average daily trading volume (3 mos.) 4.81 million shares Closing price $34.40 52-week price range $29.05 –$35.39 Annualized dividend per share $1.51 ($0.3775/qtr) Enterprise value ~$41.

27. Slide 27: Pennsylvania Rate Case Update

    © PPL Corporation 2015 Pennsylvania Rate Case Update • Settlement agreement reached • Includes an annual revenue increase of $124 million • Black box settlement with no stated ROE • Subject to approval by the Public Utility Commission • If approved, the increase would take effect January 1, 2016 26

28. Slide 28: 2015 Ongoing Earnings Forecast

    © 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 (adjust

29. Slide 29: Summary of Drivers to Achieve 6% EPS Growth Through 2017

    © PPL Corporation 2015 Summary of Drivers to Achieve 6% EPS Growth Through 2017 12% -14% Domestic Operations Earnings Growth: PA Regulated • Transmission Cap Ex of $2.0 billion at 11.68% base ROE, 12.93% for approximately $650 million Susquehanna Roseland project drives transmission rate base growth

30. Slide 30: Continued Dividend Growth

    © PPL Corporation 2015 29 $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.

31. Slide 31: Kentucky Environmental Controls

    © PPL Corporation 2015 Kentucky Environmental Controls 30 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 Uni

32. Slide 32: U.K. Regulated Segment EPS from Ongoing Operations Projection

    © 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. 31

33. Slide 33: U.K. Regulated Segment Cash Repatriation

    © 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. 32

34. Slide 34: Strong Credit Ratings Post-Spin

    © 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 BB

35. Slide 35: Strong Financial Foundation

    © PPL Corporation 2015 Strong Financial Foundation Limited maturity schedule and strong liquidity profile provide financial flexibility. Liquidity Profile as of September 30, 2015 34 $2,223 $1,623 $771 $210 $362 $409 U.S. U.K. $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Committed Credit Facilities Ca

36. Slide 36: Reconciliation of Reported Earnings (Loss) to Earnings from Ongoing Operations

    © 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 mil

37. Slide 37: Reconciliation of PPL's Forecast of Reported Earnings to Ongoing Operations

    © PPL Corporation 2015 36 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 appl

38. Slide 38: Reconciliation of Domestic Cash Flows

    © PPL Corporation 2015 37 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 repre

39. Slide 39: Forward-looking statements and risk factors

    © PPL Corporation 2015 Statementscontainedinthispresentation,includingstatementswithrespecttofutureearnings,cashflows,financing,regulationandcorporate strategyare"forward-lookingstatements"withinthemeaningofthefederalsecuritieslaws.AlthoughPPLCorporationbelievesthatthe expectationsandassumptionsrefl

40. Slide 40: Definitions of Non-GAAP Financial Measures

    © 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 princi

41. Slide 41: Definitions of Non-GAAP Financial Measures

    © PPL Corporation 2015 Definitions of Non-GAAP Financial Measures PPLutilizesthefollowingnon-GAAPfinancialmeasuresasindicatorsofperformanceforitsbusinesses.Thesemeasuresarenotintendedtoreplace "OperatingIncome,"whichisdeterminedinaccordancewithGAAP,asanindicatorofoveralloperatingperformance. Otherco

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